Regulatory Alerts2023-07-07
Added · Updated
Regulatory Guidance Regarding Use of the Word Trust in Non-Trust Company Names
The New Mexico Financial Institutions Division issued this guidance to prohibit non-trust companies from using the term "trust" in their legal names or advertising. The directive requires any such applicant to execute an affidavit acknowledging this restriction as a mandatory condition for completing their application or license renewal. This measure aims to prevent consumer deception by ensuring that only entities licensed to act as fiduciaries in New Mexico can represent themselves as trust businesses.