§ 19-1-3 - Applications – General.
SECTION 19-1-3
§ 19-1-3 Applications – General.– (a) The director or the director's designee shall assume and exercise allpowers and duties of the board of bank incorporation relative to applicationsfiled by regulated institutions with the exceptions set forth in this title.All applications filed with the division of banking shall be acted upon by thedirector or the director's designee, in writing.
(b) The director or the director's designee shall causenotice of applications filed to be published for three (3) consecutive weeks ina newspaper of general circulation which shall include a provision allowing fora public comment period. During this period, the application shall be open forpublic inspection at the division of banking. If, at the end of the publiccomment period, there are no objectors to the application, the director or thedirector's designee may approve or deny the application. If there are anyobjectors, the director or the director's designee shall hold a public hearingto take testimony, under oath, and after considering this testimony, shallapprove or deny the application. Any applicant aggrieved by any order regardingan application may appeal pursuant to the provisions of chapter 35 of title 42.
(c) The superintendent shall collect a filing fee withrespect to applications submitted to the division of banking for consideration.All fees pursuant to this section shall be paid to the director for the use ofthe state. The fees to be charged for each type of application shall beestablished by the division of banking. The division of banking shall publish anotice, in a newspaper of general circulation, of a proposed fee structure,receive comments on the proposal and establish the fees at a public hearing,the date of which shall be contained in the notice of publication.
(d) The superintendent is hereby authorized to promulgaterules and regulations for the implementation of this section, including, butnot limited to, the establishment of specific time periods within which adecision for the various types of applications must be rendered by the divisionof banking.
(e) Any party adversely affected by a decision of thedirector or the director's designee concerning an agreement to form or anapplication filed for interstate mergers, interstate acquisitions or interstatebranches may appeal the director's or the director's designee's decision byfiling an application of appeal with the board of bank incorporation within ten(10) days after the issuance of the decision. The board of bank incorporationshall thereupon review the decision considering the public interest, the publicconvenience and advantage, the effect on the tax base of the state and theeffect on the citizens of the state and issue its own decision which shallgovern.
(f) Anyone adversely affected by a decision of the board ofbank incorporation may appeal the decision by filing an appeal with thesuperior court within thirty (30) days after entry of decision. A copy of thenotice of appeal shall be forthwith served upon the legal counsel/clerk of theboard of bank incorporation. The board of bank incorporation shall certify andfile in the court a copy of the record upon which the decision was enteredwithin thirty (30) days after receipt of the notice of appeal.