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§ 902. Authorized offices

Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 7 P.S. Banks and BankingEffective: December 24, 2012

Purdon's Pennsylvania Statutes and Consolidated Statutes
Title 7 P.S. Banks and Banking (Refs & Annos)
Banking Code of 1965 (Refs & Annos)
Chapter 9. Offices (Refs & Annos)
Effective: December 24, 2012
7 P.S. § 902
§ 902. Authorized offices
(a) General rule--Except as provided in subsection (b), an institution may not maintain any office for the conduct of its business other than:
(i) its principal place of business designated in its articles, or in the case of a private bank in its certificate of authorization,
(ii) branches authorized prior to the effective date of this act or authorized pursuant to this act, and
(iii) offices, agencies and other places of business which do not constitute branches as defined in this act.
(b) Affiliates--An institution may establish and operate as a branch, any principal place of business or branch of an affiliated State or national bank, savings bank, Federal savings bank, State savings association or Federal savings and loan association upon written approval by the department of an application for approval in a form prescribed by the department accompanied by any applicable fee. The department may issue regulations under this subsection; however, the absence of regulations shall not be a bar to consideration by the department of an application filed under this subsection nor a basis for denial of such an application.
(c) Institutions as agents for affiliates--
(i) Any institution that is a subsidiary of a bank holding company may receive deposits, renew time deposits, close loans, service loans and receive payments on loans and other obligations as an agent for an institution affiliate.
(ii) Notwithstanding any other provision of law, an institution acting as an agent in accordance with paragraph (i) for an institution affiliate shall not be considered to be a branch of the affiliate.
(iii) An institution may not--
(A) conduct any activity as an agent under paragraph (i) which the institution is prohibited from conducting as a principal under any applicable Federal or State law or order, or
(B) as a principal, have an agent conduct any activity under paragraph () which the institution is prohibited from conducting under any applicable Federal or State law or order.
(iv) No provision of this subsection may be construed as affecting--
(A) the authority of any institution to act as an agent on behalf of any other institution under any other provision of law, or
(B) whether an institution that conducts any activity as an agent on behalf of any other institution under any other provision of law shall be considered to be a branch of such other institution.
(v) An agency relationship between institutions under paragraph (i) shall be on terms that are consistent with safe and sound banking practices and all applicable regulations or orders of any appropriate Federal or State banking regulator.

Credits

1965, Nov. 30, P.L. 847, No. 356, § 902. Amended 1992, July 2, P.L. 364, No. 77, § 1, imd. effective; 2012, Oct. 24, P.L. 1336, No. 170, § 30, effective in 60 days [Dec. 24, 2012].
7 P.S. § 902, PA ST 7 P.S. § 902
Current through 2022 Regular Session Act 114. Some statute sections may be more current, see credits for details.
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