New Mexico Statutes 58-18B-6. Pooled interest-bearing escrow accounts authorized to be made available; computation of interest; reports
A. Any depository institution regulated by the division that maintains trust or escrow accounts for customers may establish and make available pooled interest-bearing accounts. Interest on a pooled interest-bearing account shall be computed on the daily collected balance of the account or as otherwise computed in accordance with the institution’s standard accounting practices.
Terms Used In New Mexico Statutes 58-18B-6
- Escrow: Money given to a third party to be held for payment until certain conditions are met.
- Trustee: A person or institution holding and administering property in trust.
B. Any depository institution participating in the program and making a remittance of interest to the fund pursuant to the provisions of Section 58-18B-5 N.M. Stat. Ann. shall, at the time of remittance, transmit a report to the trustee showing:
(1) the name of the account holder for whom the remittance is sent; (2) the rate of interest used to compute the earned interest;
(3) the amount, if any, of appropriate financial institution service charges and fees deducted; and
(4) the account balance as of the ending date of the reporting period.
C. Remittances to the fund shall be made at least quarterly, no later than the tenth day of the month.
D. A copy of the report required to be made pursuant to the provisions of Subsection B of this section shall be sent to the person in whose name the account is maintained.