A. A credit union shall maintain all books, records, accounting systems and procedures in accordance with the rules, regulations and orders the director from time to time establishes or issues. In establishing and issuing such rules, regulations and orders, the director shall consider the relative size of a credit union and its reasonable capability of compliance.
B. A credit union is not liable for destroying records after the expiration of the record retention time prescribed by regulation, except for any records involved in an official investigation or examination about which the credit union has received notice.
C. A photostatic, photographic or xerographic reproduction of any credit union record or any credit union record retrieved in perceptible form from an electronic record maintained pursuant to the provisions of the Uniform Electronic Transactions Act [Chapter 14, Article 16 NMSA 1978] shall be admissible as evidence of transaction with the credit union.
History: Laws 1987, ch. 311, § 6; 2003, ch. 28, § 2.
ANNOTATIONSRepeals and reenactments. — Laws 1987, Chapter 311 repeals 58-11-6 NMSA 1978, as amended by Laws 1975, ch. 344, § 6, relating to powers of commissioner and state credit unions, effective June 19, 1987, and enacts the present section.
Laws 1997, ch. 195, § 42 repealed Laws 1987, ch. 311, § 68, which had provided for the repeal of this section on July 1, 1997.
The 2003 amendment, effective June 20, 2003, substituted "record of any credit union record retrieved in perceptible form from an electronic record maintained pursuant to the provisions of the Uniform Electronic Transactions Act" for "records" near the middle of Subsection C.
Am. Jur. 2d, A.L.R. and C.J.S. references. — 13 Am. Jur. 2d Building and Loan Associations § 38.
12 C.J.S. Building and Loan Associations § 7.