A POS terminal installed and operated pursuant to the Remote Financial Service Unit Act is not a branch office of a financial institution and shall not be construed to be a branch office of a financial institution under New Mexico law. If any court of competent jurisdiction construes a POS terminal to be installed or installed under the authority of the Remote Financial Service Unit Act to be a branch office of a financial institution, the supervisory authority approving branch offices of financial institutions shall approve any application for a POS terminal to be installed or installed under the authority of the Remote Financial Service Unit Act without regard to capital requirements for a financial institution branch office and without regard to the convenience and necessity for a financial institution branch office or any other factors normally considered in granting or denying a financial institution branch office application.
History: 1953 Comp., § 48-25-7 as enacted by Laws 1977, ch. 359, § 7; repealed and reenacted by Laws 1990, ch. 123, § 7.
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.