- A. "Depository institution" means any bank, [trust institution,] savings and loan association (thrift), or credit union whose deposits, including but not limited to deposits of public money, are insured by an agency of the United States.
- B. "Linked deposit program" means a qualified depository institution's participation in the deposit program established pursuant to Section 6-10-24.2 NMSA 1978.
- C. "Qualified depository institution" means a depository institution qualified pursuant to Sectrion 6-10-15 NMSA 1978.
- D. "Qualifying branch" means an office of a qualified depository institution that is regularly open five days a week (except for federal holidays), has a night deposit box, and provides banking services to residents of a financially at risk rural community.
E. "Financially at risk rural community" means a community in New Mexico with the following characteristics:
(1) no more than one depository institution within the community;
(2) a population not exceeding three thousand five hundred (3500); and either
(3) a declining population, as evidenced by a decrease in population as shown by the two most recent federal decennial censuses; or
(4) a median household income less than 80% of the state median household income.
- F. "residents" of a financially at risk rural community include individuals living there.
- G. "market rate" means the rate of return established by the state board of finance for deposits held by qualified depository institutions.
- H. "state deposits" means public funds under the control of the state treasurer or the state treasurer's designee, and held by qualified depository institutions.
[12.15.15.7 NMAC - N, 11/30/07]