New Mexico Statutes Chapter 6. Public Finances § 6-10-24.2. Linked deposit program

(1) “financially at risk rural community” means a community with the following characteristics:

(2) “linked deposit program” means a depository institution's participation in the deposit program established pursuant to this section;

(3) “market rate” means the rate of return established by the state board of finance for deposits held by qualified depository institutions;

(4) “qualified depository institution” means an insured bank, trust institution or credit union qualified pursuant to Section 6-10-15 NMSA 1978;

(5) “qualifying branch” means an office of a qualified depository institution that is open five days a week, has a night deposit box and provides banking services to residents of the community; and

(6) “state deposits” means public funds under the control of the state treasurer or the state treasurer's designee and held by qualified depository institutions.

(1) eligibility criteria for qualified depository institutions participating in the linked deposit program;

(2) application procedures for participation in the linked deposit program; and

(3) verification criteria for determining that a qualified depository institution participating in the linked deposit program is meeting the banking service needs of a financially at risk rural community.