CHAPTER 13. LOANS. RESTRICTIONS ON INDEBTEDNESS. BUSINESS STOCK AND MONEY SECURITIES

CHAPTER 13. LOANS. RESTRICTIONS ON INDEBTEDNESS. BUSINESS STOCK AND MONEY SECURITIES

В§ 13.64. Impermissible activities.

A restricted function banking workplace of the banking organization might not:

(1) Make last company choices, except that choices regarding the premises or workers associated with restricted function banking workplace, for the account associated with the banking organization it represents, including contracting for or accepting any deposit or deposit-like liabilities with respect to the banking organization.

(2) Disburse loan funds, send funds, post loan repayments or be in charge of making the decisions that are final accept loans.

(3) with regards to a banking organization which possesses fiduciary capabilities under its legislation of incorporation, a purpose that is limited workplace of these a banking organization may well not do some of the following: make final choices regarding fiduciary account applications such as for example accepting fiduciary or any other trust records, accept deposits for fiduciary or other trust records or administer fiduciary reports. In addition, a non-pennsylvania banking institution shall continue steadily to fulfill the reciprocity as well as other needs imposed because of the Department under part 106(b) for the work (7 P. S. В§ 106(b)) to do something as a fiduciary in this Commonwealth.

This area cited in 10 Pa. Code В§ 13.61 (associated with definitions); 10 Pa. Code В§ 13.62 (concerning application); 10 Pa. Code В§ 13.63 (associated with activities that are permissible; 10 Pa. Code В§ 13.65 (associated with information needed); 10 Pa. Code В§ 13.66 (associated with designation being a purpose that is limited workplace); and 10 Pa. Code В§ 13.67 (concerning authority associated with the Department).…