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Can you summarize 28.1212?
OFFICE OF FINANCIAL INSTITUTIONS > Supervision and examination by OFI of financial institutions.
Short Summary
This legal document pertains to the supervision and examination of financial institutions within the Territory of American Samoa. The Office of Financial Institutions (OFI) is responsible for exercising supervision over the business affairs of these financial institutions. The commissioner or examiners appointed by OFI are required to visit each financial institution at least once every twenty-four months to examine its affairs and determine its financial condition. This includes inspecting and verifying the assets and liabilities of the institution, ensuring the validity of mortgages held by the institution, and investigating the method of operation and conduct of the institutions. OFI is also authorized to examine the books and records of any subsidiary or parent corporation of a bank under its jurisdiction. Additionally, OFI is required to prepare an annual report on the state of financial institutions in American Samoa, which must be submitted to the Governor and the Legislature.
Whom does it apply to?
Financial institutions conducting business within the Territory of American Samoa
What does it govern?
Supervision and examination of financial institutions
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
American Samoa