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Can you summarize 81 MSCO Chapter 8?
Banks and Financial Institutions > Regional Banking Institutions
Short Summary
The provided legal document content covers various aspects related to regional banking institutions in Mississippi. It includes definitions for terms such as ‘acquire’, ‘bank’, ‘banker’s bank’, ‘banking office’, ‘bank holding company’, ‘commissioner’, ‘control’, ‘department’, ‘deposits’, ‘Mississippi bank’, ‘Mississippi bank holding company’, ‘principal place of business’, ‘out-of-state bank holding company’, and ‘subsidiary’. The document governs the acquisition of a Mississippi bank or bank holding company by an out-of-state bank holding company, requiring approval from the commissioner. The approval is contingent upon factors such as continuous operation of the Mississippi bank or its subsidiary for more than five years, compliance with specified sections of the law, and filing of necessary application documents. Public notification and publication in newspapers are also required for the acquisition. Exemptions are provided for certain types of banking offices and the acquisition of specific banks or banker’s banks, subject to approval. Another document pertains to the applicability of state laws and regulations to bank holding companies and Mississippi banks. It states that bank holding companies controlling Mississippi banks or Mississippi bank holding companies are subject to applicable laws and rules. Similarly, Mississippi banks controlled by non-Mississippi bank holding companies are subject to laws and regulations applicable to Mississippi banks not controlled by non-Mississippi bank holding companies. Mississippi banks are also allowed to establish branches according to Chapter 7 of the title. The third document governs cooperative agreements between the department and other bank regulatory agencies. These agreements aim to facilitate the regulation of banks and bank holding companies operating in Mississippi. The department can enter into these agreements and accept reports of examinations and other records from other agencies instead of conducting its own examinations. The department can take joint actions with other regulatory agencies or act independently. The final document pertains to the orderly development of banking institutions on a national basis, in accordance with the Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994. It permits interstate acquisitions of Mississippi banks and bank holding companies as provided in the chapter and federal law. In case of inconsistency with federal law, the provisions of the chapter are null and void. However, transactions lawfully consummated prior to a determination of invalidity remain unaffected. No specific exemptions or penalties are mentioned in these documents.
Whom does it apply to?
Out-of-state bank holding companies, Mississippi banks, Mississippi bank holding companies, bank holding companies, Mississippi banks not controlled by non-Mississippi bank holding companies, department, other bank regulatory agencies
What does it govern?
Acquisition of Mississippi banks or bank holding companies by out-of-state bank holding companies, applicability of state laws and regulations to bank holding companies and Mississippi banks, cooperative agreements between the department and other bank regulatory agencies, orderly development of banking institutions on a national basis
What are exemptions?
Exemptions for certain types of banking offices, exemptions for the acquisition of certain banks or banker's banks subject to approval
What are the Penalties?
No specific penalties mentioned
Jurisdiction
Mississippi