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§ 905. Approval of branch by department

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. § 905
§ 905. Approval of branch by department
(a) Investigation and discretionary hearings--Upon receipt of an application for approval of a branch which satisfies the requirements of this act, the department shall conduct such investigation as it may deem necessary and, in its discretion, may hold hearings before the department.
(b) Repealed by 1982, March 4, P.L. 135, No. 44, § 5, imd. effective.
(c) Action by department--Within sixty days after receipt of the application or such longer period as may be required for any hearing which the department may hold, the department shall approve the application if it finds that the establishment of the proposed branch would be consistent with the purposes of this act set forth in subsection (a) of section 1031 and that the requirements of this act have been complied with but shall otherwise disapprove the application. If the department approves the application, it shall issue to the institution a letter of authority to establish the branch. If the department disapproves the application, it shall give the institution written notice of its disapproval and a statement in detail of the reasons for its decision.
(d) Time for establishment of branch--An institution may establish a branch pursuant to approval of the department under this section not later than six months after the date of the letter of authority or within such longer period as the department shall allow for good cause. The institution shall deliver to the department a certificate of the establishment of the branch in a form prescribed by the department.
(e) Discontinuance of branch--An institution may, pursuant to a resolution of its board of directors or trustees or, in the case of a private bank, its owners, and with prior written notice to the department, discontinue the operation of a branch. The institution shall deliver to the department a certificate of the discontinuance of the branch in a form prescribed by the department.
(f) Record of branches--The department shall maintain a record of the number and location of all branches of institutions.

Credits

1965, Nov. 30, P.L. 847, No. 356, § 905. Affected 1971, June 3, P.L. 145, No. 6, § 1 (§ 509(a)(172)). Amended 1982, March 4, P.L. 135, No. 44, § 6, imd. effective; 2012, Oct. 24, P.L. 1336, No. 170, § 32, effective in 60 days [Dec. 24, 2012].

Footnotes

7 P.S. § 103.
7 P.S. § 905, PA ST 7 P.S. § 905
Current through 2022 Regular Session Act 114. Some statute sections may be more current, see credits for details.
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