A. A state bank may maintain time and savings deposit accounts and pay interest on balances therein at rates which need not be uniform. The director of the financial institutions division may, by general regulation, fix maximum rates of interest.
B. Time or savings account deposits shall be repaid to depositors under regulations adopted by the board of directors from time to time. These shall be available at the bank for inspection by depositors upon request, and depositors shall be so informed.
History: 1953 Comp., § 48-4-2, enacted by Laws 1975, ch. 330, § 4; 1977, ch. 245, § 24.
ANNOTATIONSNational banks in New Mexico are subject to this section. — National banks are subject to the laws of a state in respect of their affairs, unless such laws interfere with the purposes of their creation, tend to impair or destroy their efficiency as federal agencies, or conflict with the paramount law of the United States. 1960 Op. Att'y Gen. No. 60-141.
Am. Jur. 2d, A.L.R. and C.J.S. references. — 10 Am. Jur. 2d Banks § 415.
Construction of savings bank bylaw expressly assented to by depositor, relieving bank from liability for payment to unauthorized person, 52 A.L.R. 760.
Constitutionality of statute in relation to interest on bank deposit, 62 A.L.R. 489.
Passbook, validity and construction of agreement for, or condition of, indemnity to bank in event of payment to depositor who cannot produce, 81 A.L.R. 1150.
Effect, on bank depositor's rights and those of bank, of printed rules in passbook not expressly accepted, 60 A.L.R.2d 708.
Bank's liability to customer for imposing allegedly excessive service charges, 73 A.L.R.4th 1028.
Certificate of deposit as "security" under federal securities laws, 82 A.L.R. Fed. 553.
9 C.J.S. Banks and Banking § 264.