Section 14-7-2 - Requirements of state agencies, boards and commissions prior to access to a financial institution's records. - New Mexico Statutes

14-7-2. Requirements of state agencies, boards and commissions prior to access to a financial institution's records.

A.     Prior to a state agency, board or commission receiving access to or copies of the records of a person, corporation, company or organization maintained by a bank, savings and loan association, small loan company or other similar financial institution, the agency, board or commission shall:   

(1)     allow the institution forty-eight hours to comply with an administrative subpoena;   

(2)     allow the institution to provide authenticated copies of original records rather than the original copies in response to an administrative subpoena; and   

(3)     pay the institution the reasonable cost of production of such records including both the cost of materials and wages.   

B.     The provisions of Subsection A of this section shall not apply to the audit of any bank, savings and loan association, small loan company or other similar financial institution by a state agency when conducted pursuant to the agency's statutory directive.