7-18a-203 - No concurrent maintenance of agencies or branches.
7-18a-203. No concurrent maintenance of agencies or branches.
(1) A foreign depository institution authorized under this chapter to transact businessthrough an agency or branch may not concurrently transact business in this state through anagency or branch authorized under federal law.
(2) A foreign depository institution authorized under federal law to transact businessthrough an agency or branch in this state may not concurrently transact business through anagency or branch authorized under this chapter.
(3) A foreign depository institution authorized to transact business through an agencymay not concurrently transact business through a branch in this state.
(4) A foreign depository institution authorized to transact business through a branch maynot concurrently transact business through an agency in this state.
(5) Subsections (1) through (4) do not prohibit a foreign depository institution authorizedto transact business through an agency or branch in this state from transacting business through arepresentative office.
Enacted by Chapter 63, 1996 General Session