7-1-710 - "Agency" defined -- Purposes and establishment of agency.
7-1-710. "Agency" defined -- Purposes and establishment of agency.
As used in this section, "agency" means a place, person, or facility, stationary or mobile,other than the home office or a branch office, (a) where functions of the financial institution notinvolving the receiving or paying of deposits, making of loans or the handling of cash may beperformed, (b) established for individual transactions and for special temporary purposes, (c)established for the purposes set forth in Sections 7-1-608 and 7-1-609, or (d) established toperform the functions of a financial institution service corporation. A financial institution mayestablish one or more agencies without the prior written approval of the commissioner. Within 30days of the establishment of an agency, the financial institution shall inform the commissioner inwriting of the address of the agency and the specific functions for which it was established. Noagency may be converted to a branch without compliance with Section 7-1-708.
Enacted by Chapter 8, 1983 General Session