§ 13.64. Impermissible activities.
A limited purpose banking office of a banking institution may not:
(1) Make final business decisions, other than decisions relating to the premises or personnel of the limited purpose banking office, for the account of the banking institution it represents, including contracting for or accepting any deposit or deposit-like liabilities on behalf of the banking institution.
(2) Disburse loan funds, transmit funds, post loan repayments or be responsible for making the final decisions to approve loans.
(3) With respect to a banking institution which possesses fiduciary powers under its laws of incorporation, a limited purpose banking office of such a banking institution may not do any of the following: make final decisions regarding fiduciary account applications such as accepting fiduciary or other trust accounts, accept deposits for fiduciary or other trust accounts or administer fiduciary accounts. In addition, a non-Pennsylvania banking institution shall continue to satisfy the reciprocity and other requirements imposed by the Department under section 106(b) of the act (7 P. S. § 106(b)) to act as a fiduciary in this Commonwealth.
Cross References This section cited in 10 Pa. Code § 13.61 (relating to definitions); 10 Pa. Code § 13.62 (relating to application); 10 Pa. Code § 13.63 (relating to permissible activities); 10 Pa. Code § 13.65 (relating to information required); 10 Pa. Code § 13.66 (relating to designation as a limited purpose banking office); and 10 Pa. Code § 13.67 (relating to authority of the Department).
No part of the information on this site may be reproduced for profit or sold for profit.
This material has been drawn directly from the official Pennsylvania Code full text database. Due to the limitations of HTML or differences in display capabilities of different browsers, this version may differ slightly from the official printed version.
