|
|
|
U.S. Code as of:
01/19/04
Section 1864. Permissible bank service company activities for other persons
(a) Services permissible other than taking deposits
A bank service company may provide to any person any service
authorized by this section, except that a bank service company
shall not take deposits.
(b) Services to be performed in State where shareholders or members
are located
Except with the prior approval of the Board under section 1865(b)
of this title in accordance with subsection (f) of this section -
(1) a bank service company shall not perform the services
authorized by this section in any State other than that State in
which its shareholders or members are located; and
(2) all insured bank shareholders or members of a bank service
company shall be located in the same State.
(c) Performance where State bank is shareholder or member
A bank service company in which a State bank is a shareholder or
member shall perform only those services that such State bank
shareholder or member is authorized to perform under the law of the
State in which such State bank operates and shall perform such
services only at locations in the State in which such State bank
shareholder or member could be authorized to perform such services.
(d) Performance where national bank is shareholder or member
A bank service company in which a national bank is a shareholder
or member shall perform only those services that such national bank
shareholder or member is authorized to perform under the law of the
United States and shall perform such services only at locations in
the State at which such national bank shareholder or member could
be authorized to perform such services.
(e) Performance where State bank and national bank are shareholders
or members
A bank service company that has both national bank and State bank
shareholders or members shall perform only those services that may
lawfully be performed by both any shareholder or member of the
company which is a national bank under the law of the United States
and any shareholder or member of the company which is a State bank
under the law of the State in which any such State bank operate
(!1) and shall perform such services only at locations in the State
at which both its State bank and national bank shareholders or
members could be authorized to perform such services.
(f) Geographic location
Notwithstanding the other provisions of this section or any other
provision of law, other than the provisions of Federal and State
branching law regulating the geographic location of banks to the
extent that those laws are applicable to an activity authorized by
this subsection, a bank service company may perform at any
geographic location any service, other than deposit taking, that
the Board has determined, by regulation, to be permissible for a
bank holding company under section 1843(c)(8) of this title as of
the day before November 12, 1999.
|
|