Section 58-16-7 - POS terminal not considered a financial institution branch office.
58-16-7. POS terminal not considered a financial institution branch office.
A POS terminal installed and operated pursuant to the Remote Financial Service Unit Act [58-16-1 NMSA 1978] 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.