Any association violating any provision of the Savings and Loan Act or any valid regulation made thereunder may be required by the supervisor to pay a civil penalty of not less than five dollars ($5.00) a day nor more than twenty-five [dollars] ($25.00) a day to the supervisor for each day after notice of the delinquency by the supervisor. The attorney general may file suit for collection of this penalty upon certification by the supervisor of the failure of the association to remit the penalty assessed by him. The civil penalty imposed by this section does not apply during any period during which the alleged violation is being litigated in a court.
History: 1953 Comp., § 48-15-135, enacted by Laws 1967, ch. 61, § 91.
ANNOTATIONSBracketed material. — The bracketed material was inserted by the compiler and is not part of the law.
Cross references. — For meaning of "supervisor", see 58-10-2J NMSA 1978.