N.M. Stat. Ann. § 58-16-4
Restrictions on provision of financial services
1953 Comp., § 48-25-4, enacted by Laws 1977, ch. 359, § 4; 1989, ch. 218, § 2; repealed and reenacted by Laws 1990, ch. 123, § 4; 1991, ch. 120, § 8.State of New Mexico
- A. Nothing in the Remote Financial Service Unit Act shall be construed as authority for any person to provide financial services in a manner not otherwise permitted or restricted by applicable law nor as authority to enlarge upon the financial services that financial institutions are permitted by applicable law to perform.
- B. Except as provided in Subsection F of Section 58-16-5 NMSA 1978, no provision of the Remote Financial Service Unit Act shall be construed to limit or otherwise control any debits or credits or other electronic funds transfers through a network or other system within the proprietary control of one or more merchants.
History: 1953 Comp., § 48-25-4, enacted by Laws 1977, ch. 359, § 4; 1989, ch. 218, § 2; repealed and reenacted by Laws 1990, ch. 123, § 4; 1991, ch. 120, § 8.
ANNOTATIONS
Repeals and reenactments. — Laws 1990, ch. 123, § 18 repeals the Remote Financial Service Unit Act, as enacted by Laws 1977, ch. 359, §§ 1 to 17 and enacted a new Remote Financial Service Unit Act, effective May 16, 1990.
The 1991 amendment, effective June 14, 1991, designated the existing section as Subsection A and added Subsection B.