No person, legal entity or corporation shall engage in the “trust business” without first obtaining a certificate from the director; provided, however, that a bank having its principal office in this state or an out-of-state bank not having an established office in this state otherwise authorized under state or federal laws to engage in the trust business or a savings and loan association having its principal office in this state acting as trustee or custodian pursuant to Section 58-10-35 NMSA 1978 may engage in trust business to the extent permitted in that section without obtaining a certificate under the Trust Company Act. Note that other exemptions are found in Section 58-9-3 NMSA 1978.
A trust company shall conduct such business in compliance with all state and federal laws, and all rules promulgated pursuant to those laws, including the Trust Company Act [Chapter 58-9-1 to 58-9-14 NMSA 1978], the Uniform Probate Code [Chapter 45 NMSA 1978], the Uniform Prudent Investor Act [45-7-601 to 45-7-612 NMSA 1978], and the Uniform Trust Code [Chapter 46A NMSA 1978].
“Trust business” means the holding out by a person, legal entity, or corporation to the public at large by advertising, solicitation, or other means that the person, legal entity, or corporation is available to act as a fiduciary in this state or is accepting and undertaking to perform the duties of a fiduciary in the regular course of its business.
The following independent trust companies currently have a Certificate of Authority to engage in trust business in the State of New Mexico:
