(a) Fixed holidays--An institution shall observe as a legal holiday:
(i) New Year's Day (January 1);
(i.1) Dr. Martin Luther King, Jr. Day (the third Monday in January);
(ii) Memorial Day (the last Monday in May);
(iii) Independence Day (July 4);
(iv) Labor Day (the first Monday in September);
(v) Thanksgiving Day (the fourth Thursday in November);
(vi) Christmas Day (December 25);
(vii) each Sunday, except for such activities or conduct of business at such locations as the bank may elect;
(viii) each Monday following an Independence Day, a Christmas Day or New Year's Day which occurs on a Sunday; and
(ix) each day specifically appointed by the President of the United States or the Governor of the Commonwealth as a legal holiday or as a bank holiday.
(b) Optional holidays--An institution may at its option observe as a legal holiday:
(i) Lincoln's Birthday (February 12);
(ii) Washington's Birthday (the third Monday in February);
(v) Columbus Day (the second Monday in October);
(vi) Election Day (the first Tuesday after the first Monday in November);
(vii) Veterans' Day (November 11);
(viii) each Saturday either as a half-holiday after 12 o'clock noon or as a full holiday;
(ix) each Monday following an Independence Day, a Christmas Day or New Year's Day which occurs on a Saturday; and
(x) each day which the department permits all institutions by public announcement, or an individual institution by written permission, to observe as a legal holiday.
(c) Geographic variations--In designating a permissive optional holiday under subsection (b), the department may limit the designation to particular geographic areas based on political subdivisions, banking classifications such as Federal Reserve districts or otherwise. An institution may observe any optional holiday at one or more, but fewer than all, of its offices.
(d) Effect of section--This effect of a legal holiday under this section shall be that provided by law but this section shall supersede other law as to the determination of days that are legal holidays for banking institutions.
(e) Repealed by 2012, Oct. 24, P.L. 1336, No. 170, § 8, effective in 60 days [Dec. 24, 2012].
Credits
1965, Nov. 30, P.L. 847, No. 356, § 113, added 1975, July 30, P.L. 108, No. 56, § 1, imd. effective. Amended 1977, July 25, P.L. 101, No. 37, § 3, imd. effective; 1982, March 4, P.L. 135, No. 44, § 1, imd. effective; 1985, Dec. 13, P.L. 331, No. 89, § 1, effective Jan. 1, 1986; 1990, Dec. 18, P.L. 766, No. 191, § 1, imd. effective; 2012, Oct. 24, P.L. 1336, No. 170, § 8, effective in 60 days [Dec. 24, 2012].
7 P.S. § 113, PA ST 7 P.S. § 113
Current through Act 10 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
