N.M. Code R. § 12.20.71.8 - FINDINGS
A. Section
58-10-50
NMSA 1978, authorizes the director to grant by regulation the rights, powers,
privileges, immunities and exceptions possessed by federally chartered savings
associations.
B. The office of
thrift supervision, department of the treasury, the "OTS," is authorized by
federal legislation to regulate and supervise federally chartered savings
associations throughout the United States.
C. On September 2, 2003 the OTS issued a
letter ruling (the "OTS preemption") clarifying the fact that the following
sections and subsections of the act (the "preempted sections of the act") are
pre-empted by federal law from applying to federally chartered savings
associations operating in New Mexico:
(1)
Section
58-21A-4.A.
and B. (Prohibited practices and provisions regarding home loans);
(2) Section
58-21A-5.A.,
B., C., D., E., G., H., I., J., K., L., M., N., O., and P (Limitations and
prohibited practices for high-cost home loans);
(3) Section
58-21A-6.A.,
B., C., D., and E. (default; notice; right to cure);
(4) Section
58-21A-9.A., B., and
C. (civil action);
(5) Section
58-21A-11.B.
and C. (actions based on home loans);
(6) Section
58-21A-12.
(application of Unfair Practices Act); and
(7) Section
58-21A-13.
(attorney general; enforcement of rules).
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