25 Pa. Code § 271.363. Incapacity of operators or financial institutions.

§ 271.363. Incapacity of operators or financial institutions.

(a)  An operator shall notify the Department by certified mail within 10 days after commencement of a voluntary or involuntary proceeding under 11 U.S.C.A. § §  101—1330, known as the Federal Bankruptcy Act, naming the operator as debtor.
(b)  A financial institution which issues a surety bond, letter of credit or certificate of deposit under this subchapter shall notify the Department, when permissible under the law, by certified mail within 10 business days after:
   (1)  The financial institution has been declared insolvent and a receiver appointed by a state or Federal regulatory authority having jurisdiction in the matter or the commencement of a voluntary or involuntary proceeding under 11 U.S.C.A. § §  101—1330, known as the Federal Bankruptcy Act.
   (2)  An action alleging violation of regulatory requirements which could result in suspension or revocation of the authority of the financial institution to issue the instruments or to continue in business.
(c)  Notice to the Department shall be by certified mail and shall be given by the financial institution within 10 days of the receipt of the notice by the financial institution from a regulatory agency having jurisdiction over the financial institution.

Source

   The provisions of this §  271.363 adopted April 8, 1988, effective April 9, 1988, 18 Pa.B. 1681; amended September 13, 1991, effective September 14, 1991, 21 Pa.B. 4179. Immediately preceding text appears at serial page (126158).

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