S.B. 07-40 Banks - operations on premises of nonfinancial affiliates - prohibition. Prohibits a financial institution from establishing or maintaining its principal office, a loan production office, a deposit production office, an electronic communication device, or a branch on or within 1.5 miles of premises owned, leased, or otherwise controlled by an affiliate that engages in commercial activities.
Provides that the prohibition does not apply to an industrial bank that became an insured depository institution before October 1, 2003, or under an application for deposit insurance approved prior to that date and is a subsidiary of a parent entity at least 85% of whose gross revenues are derived from financial activities as defined under the federal "Gramm-Leach-Bliley Act" during at least 3 of the prior 4 calendar quarters.
APPROVED by Governor March 16, 2007
EFFECTIVE March 16, 2007
S.B. 07-101 Foreign capital depositories - deposits - orders - rules - background checks. Defines "deposit" to mean customer assets that are a liability to a foreign capital depository. Grants the state bank commissioner (commissioner) the authority to issue preemptive cease and desist orders. Moves the commissioner's rule-making authority to the banking board (board). Authorizes the department of regulatory agencies to provide copies of a foreign capital depository's quarterly reports upon request, but requires customer identifying and financial information to remain confidential.
Authorizes the board to require a new director, executive officer, or controlling person of a foreign capital depository to obtain a background check within 3 years after granting the depository its charter. Authorizes the commissioner to suspend the person from owning, operating, or managing the depository if the background check reveals bad character.
APPROVED by Governor April 20, 2007
EFFECTIVE July 1, 2007
S.B. 07-155 Banking - ATM transaction fees - foreign bank. Allows a communications facility (ATM) to charge a fee to a customer conducting a transaction using an account from a foreign bank.
APPROVED by Governor April 20, 2007
EFFECTIVE August 3, 2007
NOTE: This act was passed without a safety clause. For further explanation concerning
the effective date, see page vi of this digest.
H.B. 07-1035 Money transmitters - foreign capital depositories - exchange information with treasury secretary regarding compliance with federal financial crimes laws. Allows the state bank commissioner (commissioner) to exchange information received from money transmitters and foreign capital depositories with the U.S. secretary of the treasury (secretary) or the secretary's designee pertaining to compliance with federal money laundering and other financial crimes laws. Authorizes the commissioner, the banking board, and their respective designees to exchange information pertaining to the activities of money transmitters and foreign capital depositories with regard to compliance with such federal laws with the secretary or the secretary's designee.
APPROVED by Governor April 2, 2007
EFFECTIVE April 2, 2007
H.B. 07-1175 Industrial banks - limitations - commercial locations. Promotes the federal policy of prohibiting the mixing of banking and commerce by specifying that no industrial bank may accept deposits or make loans at a commercial location unless it is owned by a financial holding company.
APPROVED by Governor March 14, 2007
EFFECTIVE August 3, 2007
NOTE: This act was passed without a safety clause. For further explanation concerning
the effective date, see page vi of this digest.
H.B. 07-1185 Banking - accounts - entities - certificate of existence and authority - liability. Allows a person acting or purporting to act for or on behalf of an entity, and who opens a deposit or loan account for an entity at a financial institution, to provide the financial institution with a certificate of existence and authority. Requires the certificate of existence and authority to include:
● The name and mailing address of the entity;
● The type of entity and the state, country, or other governmental authority under whose laws the entity was formed;
● The organization date of the entity;
● The name, mailing address, and office or other position held by the person executing the certificate; and
● A statement that the board of directors, managers, members, general partners, or other governing body of the entity opening the account has duly taken all action legally required to open the account in the name of the entity and the name, office, or other position of the person who has been duly authorized to engage in transactions with respect to the account, including any limitation that may exist upon the authority of such person to bind the entity and any other matters concerning the manner in which such person may deal with the account. If the deposit is to be opened on behalf of an institution of higher education, the statement shall be accompanied by a resolution certified by the secretary of the governing board.
Limits the liability of the financial institution when opening a deposit or loan account for an entity if the information contained in the certificate is inaccurate, unless the financial institution has actual knowledge that the information is inaccurate.
APPROVED by Governor April 2, 2007
EFFECTIVE April 2, 2007
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