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Can you summarize NHRS Chapter 397?
BANKS AND BANKING; LOAN ASSOCIATIONS; CREDIT UNIONS (Chapters 383 - 397-B) > REGULATION OF BANKS IN EMERGENCIES
Short Summary
The provided legal document pertains to the powers of the Bank Commissioner during a banking emergency. In such emergencies, the governor has the authority to proclaim a banking emergency and subject any bank or banks to special regulation until the governor declares the end of the emergency. The Bank Commissioner, in addition to other powers conferred upon him by law, has the authority to order banks to restrict their business, limit or postpone deposit payments, regulate payments, and make further orders and regulations as necessary for the interest of the public, banks, or depositors. The Commissioner can amend, change, extend, or revoke any orders made. After the termination of a banking emergency, any order may continue if circumstances warrant and the governor approves. The commissioner may also authorize banks to receive new deposits under special rules and regulations, which shall be segregated and held in trust for the security and payment of such special deposits. The commissioner may also make rules for the protection of banks and depositors, violation of which may result in misdemeanor or felony charges. During a banking emergency, all laws inconsistent with the regulations are suspended. The document does not specify any exemptions or penalties.
Whom does it apply to?
Banks and other institutions under the supervision of the bank commissioner, depositors, shareholders
What does it govern?
Powers of the Bank Commissioner during a banking emergency
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
Violation of any provision of the rules adopted by the commissioner may result in a misdemeanor if committed by a natural person, or a felony if committed by any other person.
Jurisdiction
New Hampshire