Title 45, Banks And Financial Institutions

(a) (1) When a statement of account has been rendered by an association to a depositor or has been mailed to the depositor's last known address, showing the condition of the depositor's account, the account shall, after the period of six (6) years from the date of the rendition o…

To the extent that an association accepts demand deposit accounts, or offers checking accounts or negotiable orders of withdrawal, the Uniform Commercial Code setting out the relationship between a payor bank and its customers, compiled in title 47, chapter 4, part 4, shall apply…

(a) (1) Notwithstanding § 30-2-317, where no executor or administrator of a decedent has qualified and given notice of the person's qualifications to the savings institution, or where the qualified executor or administrator of a decedent has been discharged and a check or checks …

(a) A savings institution shall require any persons seeking to cash checks payable to a decedent as provided in § 45-2-711 to deliver to the savings institution an affidavit, given under the penalty of perjury, in a form acceptable to the savings institution or in a form that, at…

(a) Every association has the power to invest in securities as set forth in this section. (b) (1) No Percent-of-Asset Limitation. The following investments shall not be subject to a percent-of-assets limitation:(A) Obligations of, or obligations that are fully guaranteed as to pr…

(a) Business Property. Every association has the power to invest in real property or interests in real property that the board of directors may deem necessary for the conduct of the business of the association, which, for the purposes of this chapter, shall be deemed to include t…

In the case of any investment made by an association in a real estate or other loan, in the event the ownership of the real estate or other collateral security, or any part of the real estate or other collateral security, becomes vested in a person other than the party or parties…

(a) Original Real Estate Loans. Subject to this chapter and to rules and regulations promulgated by the commissioner, every association has the power to originate real estate loans of the following types:(1) Real estate loans on real estate that constitutes home property or prima…

Every association may make, without regard to any loan limitations or restrictions otherwise imposed by this chapter, but nevertheless subject to any rules or regulations of the commissioner, any loan, secured or unsecured, that is insured or guaranteed in any manner and in any a…

(a) Loans Secured by Deposit Accounts or Capital Stock. Every association has the power to make loans secured by deposit accounts with the association to the extent of the withdrawal value thereof. Unless approved in writing by the commissioner, no association shall make a loan t…

An association that makes a loan, the proceeds of which are used or may be used by the borrower to finance the design, manufacture, construction, repair, modification, or improvement of real property for sale or lease to others, shall not be held liable to third persons for any l…

(1) As to home improvement installment loans or loans for the purchase of mobile homes or other installment loans that associations now or hereafter have the power to make, with repayment in equal, or substantially equal, monthly or other periodic installments over the term of th…

(a) An association in making an installment loan in excess of three hundred dollars ($300) may require a borrower to insure tangible personal property offered as security for the loan against any substantial risk of loss, damage or destruction for any amount not to exceed the act…

(a) (1) Associations are authorized, directed, and required to provide for and maintain a department to service the loans and properties securing the loans, including among other things:(A) Services in reference to investigating the financial standing of applicants for loans;(B) …

Every person doing a savings and loan business under the laws of this state shall be subject to supervision by the commissioner and the regulations promulgated by the commissioner. However, any regulation promulgated by the commissioner that has not been revised or amended in mor…

Every association shall keep at the home office correct and complete books of account and minutes of the proceedings of stockholders or members, as the case may be, and of directors. Complete records of all business transacted at the home office shall be maintained at the home of…

Every association shall use forms, and keep other records, including, but not limited to, those of its stockholders or members, that the commissioner may from time to time require. Subject to any rules or regulations promulgated by the commissioner, every association shall observ…

No association by any system of accounting or any device of bookkeeping shall, either directly or indirectly, enter any of its assets upon its books in the name of any other person or under any title or designation that is not truly descriptive of the assets.

The commissioner, after a determination of value, may order that assets, individually or in the aggregate, to the extent that the assets are overvalued on an association's books, be charged off, or that a special reserve or reserves equal to the overvaluation be set up by transfe…

Any association may cause any or all records kept by the association to be copied or reproduced by any photostatic, photographic, or microfilming process that correctly and permanently copies, reproduces, or forms a medium for copying or reproducing the original record on a film …

(a) An association may decline to disclose its books, papers and other records, except:(1) Pursuant to court order or subpoena;(2) To the commissioner and any authorized examiners, attorneys, or other employees of the department;(3) To the members of the board of directors of the…

Each association shall at least once in each year cause its books and accounts to be audited at its own expense by a certified public accountant or firm of certified public accountants selected by the association and approved by the commissioner. The annual audit shall cover the …

(a) Each association shall furnish the commissioner, annually, within ninety (90) days after the end of the period covered by the audit, or a shorter time that is prescribed by the commissioner, an annual written report, in the form prescribed by the commissioner, of its affairs …

(a) Monthly Reports. Every association shall, within ten (10) days after each calendar month, furnish the commissioner with a monthly report of the operations and financial condition of the association, in the form and containing the information that the commissioner prescribes. …

(a) Publication. Every association shall prepare and publish annually, on or before a date prescribed by the commissioner in a newspaper of general circulation in the county in which the home office of the association is located, a statement of its financial condition, in the for…

(a) Duty to Examine. The commissioner shall, either personally or by competent examiner or examiners appointed by the commissioner, visit and examine every association subject to the commissioner's supervision on a regular basis. (b) Requirements of Examination. On every examinat…

The commissioner is authorized, in connection with any examination or audit of any association, to cause to be made appraisals of real estate owned or held by the association as security or otherwise when specific facts or information with respect to the real estate, or when in t…

(a) Disclosure of Information. The information obtained by the commissioner or any examiner in making an examination into the affairs of the association shall be for the purpose of ascertaining the true condition of the affairs of the association, and shall not be disclosed by th…

The commissioner and any authorized examiners, attorneys, or other employees of the department shall have free access to all books, papers, and other records of an association, and to all books, papers, and other records kept by any officer, agent, or employee, relating to or upo…

(1) Charge Off Assets. In addition to other powers conferred upon the commissioner by this chapter, the commissioner has the power to require associations subject to the commissioner's supervision to:(1) Charge Off Assets. Charge off the whole or part of an asset that at the time…

(a) Insufficient Reserves. If the reserves of an association fall below the level specified by this chapter or by the rules and regulations of the commissioner, the commissioner shall require the association to increase its reserves, within the time and manner prescribed by the c…

If the commissioner, as a result of any examination or from any report made to the commissioner, or otherwise, finds that any association or any director, officer, or employee of any association is violating its charter or bylaws, this chapter, the laws of this state or of the Un…

The commissioner may require that any director, officer, or employee of an association, who has participated in a violation described herein, be removed from the person's position or office in the association if the action of the person or persons concerned was knowingly and will…

No person shall be subjected to any civil or criminal liability for any act or omission to act in good faith in reliance upon a subsisting order, regulation, or interpretation of the commissioner, notwithstanding a subsequent decision by a court invalidating the order, regulation…

Associations shall be subject to the franchise and excise taxes as set forth in title 67, chapter 4, parts 8 and 9 respectively, and the taxes shall be in lieu of and substitution for any and all other taxes previously levied against or on the associations; except ad valorem taxe…