N.D. Cent. Code § 6-03-14.2
This is the official text of N.D. Cent. Code § 6-03-14.2, part of North Dakota’s Cent. Code — part of the compiled statutory law of North Dakota, published by the state as "Cent. Code." Browse the sections below, each linked to its official government source.
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6-03-14.2. Subsidiary depository institutions as agents
Official statutory text
6-03-14.2. Subsidiary depository institutions as agents
Any bank subsidiary of a bank holding company may receive deposits, renew time deposits,
close loans, service loans, and receive payments on loans and any other obligations as an
agent for a depository institution affiliate, subject to any requirements established by the board
by rule. Notwithstanding any other law, a bank acting as an agent under this section may not be
considered to be a branch of the affiliate. However, a depository institution may not conduct any
activity as an agent that it is prohibited from conducting as a principal under any federal or state
law.
Any bank subsidiary of a bank holding company may receive deposits, renew time deposits,
close loans, service loans, and receive payments on loans and any other obligations as an
agent for a depository institution affiliate, subject to any requirements established by the board
by rule. Notwithstanding any other law, a bank acting as an agent under this section may not be
considered to be a branch of the affiliate. However, a depository institution may not conduct any
activity as an agent that it is prohibited from conducting as a principal under any federal or state
law.
Status: in_force · Read it on the official government site
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