A. Nothing in the Remote Financial Service Unit Act shall be construed as authority for any person to provide financial services in a manner not otherwise permitted or restricted by applicable law nor as authority to enlarge upon the financial services that financial institutions are permitted by applicable law to perform.
B. Except as provided in Subsection F of Section 58-16-5 NMSA 1978, no provision of the Remote Financial Service Unit Act shall be construed to limit or otherwise control any debits or credits or other electronic funds transfers through a network or other system within the proprietary control of one or more merchants.
History: 1953 Comp., § 48-25-4, enacted by Laws 1977, ch. 359, § 4; 1989, ch. 218, § 2; repealed and reenacted by Laws 1990, ch. 123, § 4; 1991, ch. 120, § 8.
ANNOTATIONSRepeals and reenactments. — Laws 1990, ch. 123, § 18 repeals the Remote Financial Service Unit Act, as enacted by Laws 1977, ch. 359, §§ 1 to 17 and enacted a new Remote Financial Service Unit Act, effective May 16, 1990.
The 1991 amendment, effective June 14, 1991, designated the existing section as Subsection A and added Subsection B.