Title 28, Finance and Financial Institutions
7 chapters · 43 sections in this title.
A.S.C.A. § 28.0101 Purpose of Bank
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In order to provide the people of American Samoa with lending and investment facilities and assist in the promotion of private enterprise and meet the needs of developing economy, the corporate body known as the “Development Bank of American Samoa”, hereinafter referred to as “th…
A.S.C.A. § 28.0102 Charter of Bank-Powers
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The charter of the Bank is as follows in this section and 28.0103 through 28.0105: (a) The existence of the Bank shall be perpetual. (b) The principal office of the Bank shall be located at Pago Pago, Tutuila, American Samoa. (c) Subject to any existing limitation or limitations …
A.S.C.A. § 28.0103 Board-President
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(a) The affairs of the Bank must be managed and its corporate powers exercised by a Board of Directors, hereinafter referred to as “the Board”, which consists of 10 members, 9 of whom are to be appointed by the Governor with the advice and consent of the Senate. The Chairman, who…
A.S.C.A. § 28.0104 Audit
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The books and records of the Bank shall be thoroughly examined and audited annually, following the end of the Bank’s fiscal year, to show the statement of condition as of that fiscal year end and operations of the Bank for the 12-month period, by qualified independent certified p…
A.S.C.A. § 28.0105 Capital investment-Loan guarantees
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(a) The capital of the Bank, together with all funds and credits that it may obtain from any loans, credits, grants, or other advances from the United States Government, or any related instrumentality empowered to make funds available to the Bank or any international finance inst…
A.S.C.A. § 28.0106 Existence for public benefit-Tax exempt status-Government not liable for Bank’s obligation
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The Bank exists and operates solely for the benefit of the public and is exempt from any taxes or assessments on any of its property, operations, or activities. The debts and obligations of the Bank are not debts or obligations of the government, the government may not be respons…
A.S.C.A. § 28.0107 Annual report required
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(a) The Development Bank of American Samoa must prepare and file with the Governor and with the Legislature of American Samoa, annually, within 90 days after the close of its fiscal year, a report sworn to by an officer of the Bank stating: (1) the name and address of the Bank; (…
A.S.C.A. § 28.0108 Economic development fund
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(a) For the purpose of providing a source of capital to assist the bank in meeting its purpose of promoting private enterprise, developing the economy, and benefiting the public, there is created an Economic Development Fund (the “Fund”) in the amount of $10,000,000. The Fund sha…
A.S.C.A. § 28.0109 Assets and liabilities existing upon enactment of this chapter
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All assets and liabilities of the Bank existing at the time of the enactment of this chapter inure to the benefit of and are binding upon the Bank created by this chapter. History: 1962, PL 7-11; 2008, PL 30-27.
A.S.C.A. § 28.0110 Loans to aliens
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A loan shall be made only if the manager of the Bank believes that there are reasonable prospects for its repayment. Prior to making a loan to an alien who entered American Samoa after 1955, the manager of the Bank shall consult with the immigration officer to determine the statu…
A.S.C.A. § 28.0111 Malfeasance of director
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(a) Any director who, under color of his office, violates any law or knowingly or negligently permits any officer, agent, or employee of the Bank to violate any law, or any provision of the Bank’s charter or bylaws, shall be subject to removal from the board. (b) Any American Sam…
A.S.C.A. § 28.0112 Larceny and fraud-Penalty
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Any director, officer, employee, or agent of the Bank who, with the intent to injure or defraud the Bank or any other person, embezzles, steals, or misapplies any moneys, funds, credits, or securities; makes any false entry in a book, report, or record; or performs any other frau…
A.S.C.A. § 28.0901 Authorization for implementation of U.S. Public Law No. 106-113
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(a) The Governor, or his designee, is authorized to enter into such agreements, contracts and arrangements with the Secretary of the United States Department of the Interior (and any other officials of the United States Government as may be necessary), and to take all such other …
A.S.C.A. § 28.1001 Short title
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This chapter shall be known and may be cited as the “American Samoa Banking Act of 1975”. History: 1975, PL l4-16 § 1.
A.S.C.A. § 28.1002 Regulations of Banks
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A Bank may not do business in American Samoa unless: (1) it is a corporation organized under the Banking laws of the United States or the Banking laws of a state of the United States or the general corporation laws of American Samoa, 30.0101 et seq., for the exclusive purpose of …
A.S.C.A. § 28.1003 Suspension of operations
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(a) In the event a Bank has had an application for FDIC insurance accepted for filing, but not yet approved, the Governor may suspend the operation of subsection (2) of 28.1002 for a period not exceeding one year upon conditions he may determine. The conditions imposed may includ…
A.S.C.A. § 28.1004 Power of Governor to adopt rules
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(a) The Governor has the power to adopt rules under the Administrative Procedure Act, 4.1001 et seq., and from time to time amend, supplement, and revoke, in whole or in part, rules not inconsistent with this act or the laws of this Territory or the laws of the United States of A…
A.S.C.A. § 28.1005 Title to or interest in communal land prohibited-Exception
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(a) No bank, or corporation engaged in banking, may acquire or hold title to any land, except that a bank authorized to do business in American Samoa may acquire and hold title to land in trust for beneficial owners who are eligible under the laws of American Samoa to acquire and…
A.S.C.A. § 28.1101 Short title
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This chapter may be known and cited as the “American Samoa Savings and Loan Act of 1978”. History: 1978, PL 15-70.
A.S.C.A. § 28.1102 Regulations of business
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A savings and loan institution may not do business in American Samoa unless: (1) it is a corporation organized under the savings and loan laws of the United States (12 U.S.C. § 1461 et seq.), or under the savings and loan laws of a state or territory of the United States, or the …
A.S.C.A. § 28.1103 Power of Governor to adopt rules
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The Governor has the power to adopt rules under the Administrative Procedure Act, 4.1001 et seq., and from time to time amend, supplement, and revoke, in whole or in part, rules not inconsistent with this chapter or the laws of this Territory or the laws of the United States of A…
A.S.C.A. § 28.1401 Authorization of Credit Facility-Source of Repayment-Reports
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(a) The Treasurer, on behalf of the government, is authorized to enter into a credit facility with the Bank of Hawaii in an amount not to exceed $5,000,000 to satisfy appropriated obligations of the government. The Treasurer is authorized to negotiate the terms of the credit, inc…
A.S.C.A. § 28.1410 Authorization of Loan—American Samoa Medical Center—Reports—Source of funding
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(a) American Samoa Medical Center (ASMC), on behalf of ASMC, are authorized to enter into a credit facility whereby the government will lend and ASMC will borrow an amount not t exceed $5,000,000.00 for the purpose of providing immediate financial assistance to ASMC. The Governor…
A.S.C.A. § 28.1501 Interest rate-Agreements signed and written-Charge for loans
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(a) Except as provided in this title, no person may charge more than 15 percent per year as interest on a debt or obligation, and no agreement to pay a rate of interest higher than 6 percent per year shall be enforceable unless the same is in writing and is signed by the party to…
A.S.C.A. § 28.1502 Small loans-Interest
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Any bank, savings and loan association, person, firm, corporation or government entity which has been approved by the Governor as a small loan agency may charge a fee of not more than $8 per $100 per year on loans, debts and obligations of not more than $8,000 with an allowable m…
A.S.C.A. § 28.1503 Business loans
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It is lawful to charge, contract for, and receive any rate or amount of interest or other compen-sation, not to exceed 18 percent annually, with respect to any loan to any business or commercial organization or to a person or persons owning or desiring to acquire a business as a …
A.S.C.A. § 28.1505 Open-end credit
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(a) Notwithstanding any other provision to the contrary, the maximum rate of interest chargeable on open-end credit issued in American Samoa shall be determined by reference to the law of the creditor’s principal place of business. (b) Open-end credit means credit extended by a c…
A.S.C.A. § 28.1510 Penalty for usury
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Any person who loans money or extends credit in any manner whatsoever and takes, receives, reserves, or assesses interest, fees, or minimum charges thereon at a rate higher than that allowed by law shall upon conviction be sentenced as for a class A misdemeanor; and in addition, …
A.S.C.A. § 28.1601 Definitions
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As used in this chapter, unless the context clearly requires otherwise: (1) “Bank” means any bank, trust company, savings bank, and savings bank having shares of capital stock, organized and existing under any general or special law of this territory, including any such bank, tru…
A.S.C.A. § 28.1602 Certified check or account acquired through merger or otherwise
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Any bank which, through merger, reorganization, consolidation, or otherwise, acquires any certified check or any account of any depositor in any capacity whatsoever, shall, for the purpose of this chapter, be deemed to have been in existence from the date such check was certified…
A.S.C.A. § 28.1603 Fees or charges on inactive or dormant savings or time deposit account
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During the 10 year period of inactivity or dormancy specified in section 28.1601(2) and until payment of funds to the Treasurer as provided in section 28.1608, it is unlawful for any Bank to assess, collect, or deduct any fee or charge from any savings or time deposit account bec…
A.S.C.A. § 28.1604 Presumption of no claimants-Escheat
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It shall be presumed that there is or are no claimant or claimants who or which directly or indirectly has or have any right, title or interest in any unclaimed bank deposit held by a bank, and such unclaimed bank deposit shall be subject to escheat to the Territory. History: 198…
A.S.C.A. § 28.1605 Notice of unclaimed deposit-Mailing-Publication
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(a) For the purposes of this section, an unclaimed bank deposit shall be deemed to be one in which as of August 1 of a particular year no transaction has occurred during the preceding 9 consecutive years. (b) Every bank having any such unclaimed deposits shall, prior to August 15…
A.S.C.A. § 28.1606 Annual reports to Treasurer of unclaimed deposits-Failure to make-Inspection by public
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(a) Not later than the thirty-first day of January in each year after the year in which this act takes effect and as of December thirty-first of the preceding year, every bank must make in duplicate a written report to the Treasurer containing a true and accurate statement of all…
A.S.C.A. § 28.1607 Escheat-Deposits of less than fifty dollars
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All unclaimed bank deposits of less than fifty dollars ($50.00) held by any bank as of December thirty-first of any year shall escheat to the Territory. When a report thereof is made to the Treasurer pursuant to the provisions of section 28.1606 the funds must be paid to the Trea…
A.S.C.A. § 28.1608 Unclaimed deposits reported on December 31 to escheat-Deposits less than fifty dollars reported separately
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(a) All unclaimed bank deposits reported by any bank as held by it as of December thirty-first, one thousand nine hundred and eighty-seven and as of December thirty-first of each year thereafter, regardless of the amount thereof, shall escheat to the Territory. When a report ther…
A.S.C.A. § 28.1609 Penalty for failure of bank to pay over unclaimed deposits when payable-Suits
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Any bank which fails to pay over to the Treasurer any unclaimed bank deposit as provided in section 26.1608 shall be liable to a penalty of fifty dollars ($50.000) for each day such payment is not made. If such penalty, is not paid, the Treasurer must file a civil action in the n…
A.S.C.A. § 28.1610 Actions for escheat-Jurisdiction-Procedure
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It is the duty of the Attorney General within a reasonable time after receipt by him of the duplicate report to institute actions for escheat to the Territory of the unclaimed Bank deposits disclosed by such report which are in an amount of fifty dollars ($50.00) or more and whic…
A.S.C.A. § 28.1611 Liability of Bank ceases on payment to Treasurer
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No Bank which must pay over to the Treasurer any unclaimed bank deposit shall be held liable to any claimant having or asserting any right, title or interest in or to the same personally or in any capacity whatsoever; and no action or proceedings of any kind for the recovery of m…
A.S.C.A. § 28.1612 Bank records of escheated deposits-Preservation-Copies furnished to Treasurer
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No bank shall destroy or otherwise dispose of any of its records or files pertaining to any unclaimed bank deposit which is subject to escheat to the Territory or which has escheated to the Territory; but all banks must preserve such records and files, and any of the originals th…
A.S.C.A. § 28.1613 Records of Treasurer of escheated deposits-Disposition
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(a) The Treasurer must establish and maintain records of all escheated unclaimed bank deposits received by him, which in the case of deposits with a net balance of fifty dollars ($50.00) or more, must show in alphabetical order the names of the depositors, the amounts received, t…
A.S.C.A. § 28.1614 Services by salaried officials to be without charge-Expense of administration
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All services required by this chapter to be performed by the Clerk of the High Court, the Marshall and any other salaried public official, shall be without fees, costs, counsel fees or any other charge, but the Treasurer must pay out of the reserve fund all expenses and costs inc…
A.S.C.A. § 28.1615 Credit unions
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When no transaction has occurred in a credit union member’s share or deposit account for 12 months and his whereabouts are unknown, as verified by the return of a certified letter addressed to him at his last known address, all sums due to the member shall be credited to a specia…