In addition to other powers provided for the director and for credit unions organized under or subject to the Credit Union Act and notwithstanding any law to the contrary, the director may adopt such rules and regulations as he deems necessary and proper, granting to state credit unions any of the powers and authority that federal credit unions are or may hereafter be authorized, empowered, permitted or otherwise allowed to exercise under federal statutes, rules or regulations.
History: Laws 1987, ch. 311, § 20; 1997, ch. 195, § 15.
ANNOTATIONSRepeals and reenactments. — Laws 1987, Chapter 311 repealed 58-11-20 NMSA 1978, as amended by Laws 1975, ch. 344, § 18, relating to reserves, effective June 19, 1987, and enacted a new section.
The 1997 amendment, effective July 1, 1997, substituted "Credit Union Act" for "Credit Union Regulatory Act".
Laws 1997, ch. 195, § 42 repealed Laws 1987, ch. 311, § 68, which had provided for the repeal of this section on July 1, 1997.