§ 19-4-17 - Unauthorized banking business.
SECTION 19-4-17
§ 19-4-17 Unauthorized banking business.– (a) No person, except regulated institutions, including any bank or trustcompany that has established a trust branch office in this state pursuant tothe provisions of § 19-3.1-6(b), or banks or credit unions organized underthe laws of the United States or of any other state within the United Statesshall use any sign at the place where its business is transacted, having on itany name containing the word or words "bank", "savings bank", "loan andinvestment bank", "trust company", "credit union", or other word or words,indicating, in the opinion of the director or the director's designee, that theplace or office is the place or office of a regulated institution or bank orcredit union duly organized under the laws of the United States or of any otherstate within the United States. The secretary of state shall not accept forfiling any articles of association or incorporation, or amendment thereof,containing the word or words without the approval of the director or thedirector's designee.
(b) No person, except regulated institutions, including anybank or trust company that has established a trust branch office in this statepursuant to the provisions of § 19-3.1-6(b), or other banks or creditunions duly organized under the laws of the United States or of any other statewithin the United States, shall use or circulate any written or printed orpartly written and partly printed paper whatsoever, having on it any name orother word or words indicating that its business is the business of a regulatedinstitution or other bank or credit union duly organized under the laws of theUnited States or of any other state within the United States. No bank or creditunion organized under the laws of any other state within the United Statesshall establish an office within this state or otherwise have a physicalpresence within this state for the purpose of receiving deposits, payingchecks, lending money or exercising trust powers within this state unless suchbank or credit union has received approval from the director or the director'sdesignee for the establishment of an interstate branch office pursuant tochapter 7 of this title. No person except regulated institutions, banks orcredit unions organized under the laws of the United States or of any otherstate within the United States shall transact business in this state in any wayor manner as to lead the public to believe, or as, in the opinion of thedirector or the director's designee might lead the public to believe, that itsbusiness is that of a regulated institution or other bank or credit union dulyorganized under the laws of the United States or of any other state within theUnited States.