In addition to the powers authorized elsewhere in the Credit Union Act, a credit union may:
A. enter into contracts of any nature;
B. sue and be sued;
C. adopt, use and display a corporate seal;
D. acquire, lease, hold, assign, pledge, hypothecate, sell and discount or otherwise dispose of property or assets, either in whole or in part, necessary or incidental to its operations;
E. lend funds to members;
F. borrow from any source; provided that a credit union shall have prior approval of the director before borrowing in excess of an aggregate of fifty percent of its capital;
G. purchase the assets of another credit union, subject to the approval of the director;
H. offer various financial services approved by the director;
I. hold membership in other credit unions organized under the Credit Union Act, the Federal Credit Union Act or other acts and in associations and organizations controlled by or fostering the interests of credit unions, including a central liquidity facility organized under state or federal law;
J. engage in activities and programs as requested by any governmental unit;
K. act as fiscal agent and receive payments on deposit accounts from a governmental unit;
L. sell or offer to sell insurance to the same extent allowed by law to other state chartered lending institutions; and
M. provide services to persons within the credit union's field of membership, including electronic funds transfers and the sale and negotiation of instruments, including money orders, traveler's checks and stored value cards.
History: Laws 1987, ch. 311, § 18; 1997, ch. 195, § 13; 2003, ch. 28, § 5.
ANNOTATIONSRepeals and reenactments. — Laws 1987, Chapter 311 repealed 58-11-18 NMSA 1978, as amended by Laws 1975, ch. 344, § 16, relating to power to borrow, effective June 19, 1987, and enacted a new section.
Cross references. — For the Federal Credit Union Act, see 12 U.S.C. § 1751.
The 2003 amendment, effective June 20, 2003, added Subsection M.
The 1997 amendment, effective July 1, 1997, substituted "Credit Union Act" for "Credit Union Regulatory Act" in the introductory paragraph and in Subsection I, added Subsection L, and made minor stylistic changes in Subsections F, J and K.
Laws 1997, ch. 195, § 42 repealed Laws 1987, ch. 311, § 68, which had provided for the repeal of this section on July 1, 1997.