Notwithstanding the procedures set forth in Sections 71, 78 and 79 [58-10-72, 58-10-80, 58-10-81 NMSA 1978] of this act, should the supervisor determine that an emergency exists which requires him to exercise, without delay, any of his powers granted under Sections 71, 78 and 79, he may issue, without notice, hearing or delay, any regulations or orders authorized by said sections, to any association, officers or directors, and require immediate compliance therewith. Such emergency regulations or orders shall remain in effect until a hearing thereon has been held, within ten days after the effective date of said regulation or order, and final determination has been made thereon as provided in said Sections 71, 78 and 79.
History: 1953 Comp., § 48-15-124, enacted by Laws 1967, ch. 61, § 80.
ANNOTATIONSCompiler's notes. — Meaning of "this act" means the provisions of the Savings and Loan Act that were enacted by Laws 1967, ch. 61, § 1-101. See also notes to 58-10-1 NMSA 1978.
Cross references. — For meaning of "supervisor", see 58-10-2J NMSA 1978.
State and federal regulations need not be identical. — A state emergency regulation was not invalid, even though it sought to restrict state chartered savings and loan associations from making loans on timeshares at a time when similar loans were authorized by institutions chartered by the federal government. The regulatory provisions of the state and federal government need not be identical or in agreement with each other. State v. Grissom, 1987-NMCA-123, 106 N.M. 555, 746 P.2d 661, cert. denied, 106 N.M. 439, 744 P.2d 912.
Setting forth basis in writing prior to promulgation. — Paragraph B of Section 12-8-4 NMSA 1978, which requires that the basis for an agency action be set forth in writing prior to the promulgation of an emergency rule, does not apply to the Savings and Loan Act. State v. Grissom, 1987-NMCA-123, 106 N.M. 555, 746 P.2d 661, cert. denied, 106 N.M. 439, 744 P.2d 912.