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Can you summarize NDAC Chapter 13-02-22?
Banking and Savings and Loan Associations > Deposit Production Offices
Short Summary
The provided legal document content pertains to the establishment and operation of deposit production offices by state-chartered banks in North Dakota. A deposit production office is defined as an office separate from the bank’s main office or facility, where deposits are solicited but not received, withdrawals are not paid, and loans are not made. The document outlines the criteria and considerations for the approval of deposit production office applications by the commissioner. The factors considered include the bank’s capitalization, anticipated deposit volume, information provided, and any other relevant information. If an application is denied, the bank has the option to appeal to the state banking board. The document also states that deposit production offices may not be established if it impairs the bank’s capital structure. There are no population or geographic restrictions for the establishment of deposit production offices in North Dakota. The activities permitted for deposit production offices include soliciting deposits, providing information about deposit products, and assisting individuals in opening deposit accounts. A written application must be submitted to the commissioner or board, describing the location, proposed activity, staffing details, types of deposits to be solicited, and any other necessary information. The commissioner has the authority to revoke the certificate of authority for a deposit production office if it engages in activities not specified in the document. In such cases, the bank has the right to appeal the decision to the state banking board. Overall, the document provides guidelines and regulations for the establishment and operation of deposit production offices by state-chartered banks in North Dakota.
Whom does it apply to?
State-chartered banks in North Dakota
What does it govern?
Deposit production offices
What are exemptions?
No specific exemptions are mentioned
What are the Penalties?
No specific penalties are mentioned
Jurisdiction
North Dakota