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New Mexico regulator declares that licensed small loan companies are non-essential
On April 6, New Mexico’s Financial Institutions Division issued notice that businesses operated by companies licensed under the New Mexico Small Loan Act of 1955 are not “essential businesses” for purposes of the state’s stay at home order and must remain closed through April 30.
New Mexico governor issues order temporarily permitting remote notarization
On March 30, New Mexico Governor Michelle Grisham issued an executive order temporarily permitting remote notarizations under certain conditions, including two-way audio-video technology. The order went into effect immediately and is set to expire on June 20.
New Mexico regulator closes office, conducts remote examinations
On March 30, the Securities Division of the New Mexico Regulation and Licensing Department announced that its offices are closed and it will be conducting examinations remotely. The Division also announced that licensing staff continue to process applications and that its enforcement staff will be vigilant to detect and prevent securities fraud and illegal securities sales.
New Mexico issues emergency order closing non-essential businesses and non-profits
On March 23, the New Mexico Department of Health issued a public health emergency order closing all businesses and non-profit entities except for those deemed essential. Essential businesses include, among others, banks, credit unions, insurance providers, payroll services, brokerage services, and investment management firms.
New Mexico banking regulator offers guidance on conducting business during Covid-19 crisis
On March 24, the New Mexico Regulation and Licensing Department, Financial Institutions Division (FID) issued guidance encouraging financial institutions licensed in New Mexico to work with customers experiencing hardship due to Covid-19, while maintaining the overall safety of the financial institution.
New Mexico banking regulator confirms financial institutions are essential business
On March 24, the New Mexico Regulation and Licensing Department, Financial Institutions Division (FID) issued guidance confirming that, for purposes of the public health order closing all non-essential business in New Mexico, all depository and non-depository financial institutions licensed and regulated by the FID are considered “essential business” and are not subject to the order. The guidance also encourages institutions to work with customers in a manner that maintains the overall safety of the financial institution.
New Mexico issues work from home guidance
On March 17, the New Mexico Regulation and Licensing Department issued temporary regulatory guidance regarding working from home due to Covid-19 concerns. The guidance permits New Mexico mortgage licensees and their staff to work from their home residence, which may not be licensed as a branch, provided certain requirements are met.
New Mexico authorizes credit unions to postpone in-person meetings
On March 18, the New Mexico Regulation and Licensing Department, Financial Institutions Division provided guidance to state-chartered credit unions allowing for postponement or virtual attendance at certain meetings that must normally be conducted in-person. This guidance applies to board meetings, committee meetings, and annual meetings for the duration of the Covid-19 national emergency. Credit unions that comply with the guidance will not be cited during examinations provided that they notify members in advance and arrange for virtual attendance to the extent feasible.