This rule was filed as 12 NMAC 16.3.3.

TITLE 12 TRADE, COMMERCE AND BANKING

CHAPTER 16 BANKING

PART 33 SALE OF FEDERAL FUNDS

12.16.33.1 Issuing agency: Financial Institutions Division of the Regulation and Licensing Department, P.O. Box 25101, Santa Fe, New Mexico 87504.

[9/20/73; 3/15/97; Recompiled 10/15/01]

12.16.33.2 Scope: All banks chartered by the state of New Mexico.

[3/15/97; Recompiled 10/15/01]

12.16.33.3 Statutory authority: Section 58-1-54 NMSA 1978.

[7/1/73; 3/15/97; Recompiled 10/15/01]

12.16.33.4 Duration: Permanent.

[3/15/97; Recompiled 10/15/01]

12.16.33.5 Effective date: September 20, 1973, unless a later date is cited at the end of a section or paragraph. Reformatted in NMAC format effective March 15, 1997.

[9/20/73; 3/15/97; Recompiled 10/15/01]

[Compiler’s note: The words or paragraph, above, are no longer applicable. Later dates are now cited only at the end of sections, in the history notes appearing in brackets.]

12.16.33.6 Objective: The objective of this sub-part [now part] is to bring state banks powers provided to national banks by 12 C.F.R. Section 32.102.

[3/15/97; Recompiled 10/15/01]

12.16.33.7 Definitions: [Reserved]

[3/15/97; Recompiled 10/15/01]

12.16.33.8 Sale of federal funds: A transaction involving the sale and transfer by a state bank to another bank of a state bank's excess reserve funds for one business day only at a specified rate of interest, commonly referred to as the "sale of federal funds", does not create on the part of the buyer an obligation subject to Section 58-1-24 NMSA 1978, but is to be considered as a purchase and sale of such funds.

[9/20/73; 3/15/97; Recompiled 10/15/01]

History OF 12.16.33 NMAC:

Pre-NMAC History: The material in this part was derived from that previously filed with the State Records Center and Archives under:

FID 73-7, Regulation 73-1, Order 73-1, Relating to Transfer of Excess Reserve Funds, filed 9/20/73.

History of Repealed Material: [RESERVED]