Section 23-48-105 - Agents for affiliate - Definitions(a)(1) As used in this section, "institution" means a bank, savings and loan association, or savings bank organized under the laws of any state or the United States.(2) For the purpose of determining what constitutes an affiliated institution in this section, "control", as it pertains to the definition of "affiliate", has the meaning set forth in § 2(a)(2) of the Bank Holding Company Act of 1956, 12 U.S.C. § 1841.(b) Any state bank may, upon compliance with the requirements of this section, agree to receive deposits, renew time deposits, close loans, service loans, receive payments on loans and other obligations, perform such other services as may receive the prior approval of the Bank Commissioner, and act as an agent for any affiliated institution.(c) A state bank that proposes to enter into an agency agreement under this section shall, prior to entering into such an agreement, file with the commissioner: (1) A notice of intention to enter into an agency agreement with an affiliated institution;(2) A description of the services proposed to be performed under the agency agreement; and(3) A copy of the agency agreement.(d)(1) If any proposed service is not specifically designated in subsection (b) of this section, and has not previously been approved in a State Bank Department rule, the commissioner shall decide whether to approve the offering of the service after receipt of the notice required in subsection (c) of this section.(2) In deciding whether to approve any proposed service that is not specifically designated in subsection (b) of this section, the commissioner shall consider whether the service would be consistent with applicable federal and state law and the safety and soundness of the principal and agent institutions.(e) A state bank may not under an agency agreement:(1) Conduct any activity as an agent that it would be prohibited from conducting as a principal under applicable state or federal law; or(2) Have an agent conduct any activity that the state bank, as principal, would be prohibited from conducting under applicable state or federal law.(f) The commissioner may order a state bank or any other institution subject to the commissioner's enforcement powers to cease acting as an agent or principal under any agency agreement that the commissioner finds to be inconsistent with safe and sound banking practices.(g) Notwithstanding any other provision of the law of this state, a state bank acting as an agent for an affiliated institution in accordance with this section shall not be considered to be a branch of that institution.Amended by Act 2019, No. 315,§ 2540, eff. 7/24/2019.