N.M. Admin. Code § 19.15.8.11 - ADDITIONAL REQUIREMENTS FOR LETTERS OF CREDIT
A. The division may accept irrevocable
letters of credit issued by national or state-chartered banking
associations.
B. Letters of credit
shall be irrevocable for a term of not less than five years, unless the
applicant shows good cause for a shorter time period.
C. Letters of credit shall provide for
automatic renewal for successive, like terms upon expiration, unless the issuer
has notified the division in writing of non-renewal at least 30 days prior to
expiration.
D. The division may
forfeit and collect a letter of credit if not replaced by an approved financial
assurance at least 30 days before the expiration date.
E. Authorized representatives of the operator
and the depository institution shall execute a document evidencing the letter
of credit's terms and conditions.
Notes
State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent version and the prior quarterly release. More comparison features will be added as we have more versions to compare.
No prior version found.