Any foreign corporation, foreign bank or foreign real estate trust without being admitted to do business in this state, may loan money in this state only on real estate mortgages, deeds of trust and notes in connection therewith, and take, acquire, hold and enforce the notes, mortgages or deeds of trust given to represent or secure money so loaned or for other lawful consideration. All such notes, mortgages or deeds of trust taken, acquired or held are enforceable as though the foreign corporation, foreign bank or foreign real estate trust were an individual, including the right to acquire the mortgaged property upon foreclosure or under other provisions of the mortgage or deed of trust, and to dispose of the same. Any such corporation, bank or trust except banks and institutions whose shares, certificates or deposit accounts are insured by an agency or corporation of the United States government shall first file with the secretary of state a statement, signed by its president, secretary, treasurer or general manager, that it constitutes the secretary of state its agent for the service of process for cases limited to, and arising out of, such financial transactions, including therein the address of its principal place of business. Upon such service of process, the secretary of state shall forthwith forward all documents by registered or certified mail to the principal place of business of the corporation, bank or trust. Nothing in this section authorizes any such corporation, bank or trust to transact the business of a bank or trust company in this state.
History: 1953 Comp., § 48-23-1, enacted by Laws 1967, ch. 87, § 2; 1969, ch. 98, § 1; 1973, ch. 390, § 7.
ANNOTATIONSCross references. — For substituted service of process upon corporations generally, see 38-1-5 NMSA 1978.
For service of process upon foreign corporations generally, see 38-1-6 NMSA 1978.
For service of process upon unauthorized insurers, see 38-1-8 NMSA 1978.
For service of process upon registered agent of foreign corporation, see 53-17-11 NMSA 1978.
For appointment of superintendent of insurance as attorney for service of process upon insurance companies, see 59A-5-31 NMSA 1978.
For service of process in civil actions in district courts generally, see Rule 1-004 NMRA.
Necessity for compliance with other provisions of law by corporations complying with section. — This section contains the authority for all foreign corporations, which would include foreign insurance corporations, to do business of the nature described without being licensed under the laws of this state. Foreign insurance corporations acting as described therein need not comply with the provisions of the insurance laws requiring licensing. 1968 Op. Att'y Gen. No. 68-43.
A foreign savings and loan association wishing only to make real estate loans as set forth in this section and not doing any other business of a savings and loan association within this state would have to comply only with the requirements set forth in this section and would not have to comply with the requirements for "transacting business of an association" as enumerated in 58-10-101 NMSA 1978. 1969 Op. Att'y Gen. No. 69-13.
Am. Jur. 2d, A.L.R. and C.J.S. references. — In personam jurisdiction under long-arm statute of nonresident banking institution, 9 A.L.R.4th 661.