The conditions among these В§ В§ 13.68 issued under parts 102 and 103 for the Banking Code of 1965 (7 P. S. В§ В§ 102 and 103); and parts 201 and 202 associated with Department of Banking and Securities Code (71 P. S. В§ В§ 733-201 and 733-202), unless otherwise noted.
The conditions among these В§ that is adopted, effective, 26 Pa.B. 5989, unless otherwise noted.
В§ 13.61. Definitions.
The words that are following terms, whenever utilized in this section and В§ В§ 13.6213.68, have actually the meanings that are following unless the context demonstrably suggests otherwise:
(i) A bank, bank and trust business, trust business and cost cost savings bank, chartered beneath the rules regarding the Commonwealth.
(ii) A nationwide bank.
(iii) A bank, bank and trust business, trust business and cost cost cost savings bank which will be maybe not managed by the workplace of Thrift Supervision, chartered beneath the laws and regulations of another state or territory for the united states of america.
Restricted function banking workplace an workplace of a banking organization which carries out restricted tasks, like those in В§ 13.63 (associated with permissible tasks), with respect to the banking organization but which doesn’t:
(i) Accept or shell out deposits.
(iv) Accept or administer virtually any records, including trust or any other fiduciary records.
Non-Pennsylvania banking institution A banking institution chartered beneath the statutory rules associated with the united states of america, Puerto Rico or circumstances or territory for the united states of america aside from the Commonwealth.
Pennsylvania banking organization A banking institution chartered beneath the statutory rules of this Commonwealth.
This area cited in 10 Pa. Code В§ 13.62 (concerning application); 10 Pa. Code В§ 13.63 (concerning permissible tasks); 10 Pa. Code В§ 13.65 (associated with information needed); 10 Pa. Code В§ 13.66 (associated with designation being a restricted function banking workplace); and 10 Pa. Code В§ 13.67 (associated with authority regarding the Department).
В§ 13.62. Application.
Parts 13.61, 13.13.68 and also this area address restricted purpose banking workplaces based in this Commonwealth that are founded by Commonwealth and non-Pennsylvania financial institutions, as defined in В§ 13.61 (associated with definitions). In addition, these parts address Pennsylvania banking institutions finding purpose that is limited workplaces in other states. The establishment and maintenance of a restricted function banking office positioned in this Commonwealth by way of a non-Pennsylvania banking organization together with establishment an additional state of a small function banking workplace with a Pennsylvania banking organization might not be in breach of, or perhaps as opposed to, the regulations associated with other state that is relevant.
This part cited in 10 Pa. Code В§ 13.61 (relating to definitions); 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 (concerning designation being a purpose that is limited workplace); and 10 Pa. Code В§ 13.67 (associated with authority associated with Department).
В§ 13.63. Permissible tasks.
(a) Listed here activities could be carried out at a restricted function banking workplace of a banking organization, if, in circumstances where another state is included, the performance regarding the tasks in the restricted function banking workplace will not break, and is maybe maybe not otherwise contrary to, the rules for the other state that is relevant
(1) Loan manufacturing workplace activities, including:
(i) Soliciting loans, and, in connection therewith, assembling credit information.
(ii) Making home inspections and appraisals.
(iii) Securing name information.
(iv) organizing applications for loans, including making guidelines with respect to action thereon.
(v) Soliciting investors to buy loans through the banking organization.
(vi) wanting to have the investors contract aided by the banking organization for the servicing associated with loans.
(vii) doing other agent-type that is similar.
(2) Representative workplace tasks, including: representational functions, such as for example soliciting banking and trust company, advertising services or acting as a liaison with clients with respect to the banking organization:
(i) A banking organization might only get business that is fiduciary other kinds of trust company in the restricted function banking workplace in the event that banking organization is authorized to take part in fiduciary and trust tasks under its rules of incorporation.
(ii) A banking organization which will be chartered by or perhaps is headquartered in a situation apart from this Commonwealth might not behave as a fiduciary or establish an workplace to conduct a fiduciary company in this Commonwealth, beyond those activities permitted and also this part, in contradiction of part 106(b) for the work (7 P. S. В§ 106(b)).
(3) Clerical, straight right back workplace types of tasks regarding the banking organization.
(4) Administrative tasks pertaining to the premises or workers for the purpose banking office that is limited.
(5) Other similar activities, susceptible to the Department written nonobjection.
(b) the actions in subsection (a)(1) represent those tasks which might be carried out by that loan manufacturing workplace, under area 102 (h)(v) associated with the act (7 P. S. В§ 102()(v) that is h, and generally are in line with the laws associated with Federal Reserve Board in 12 CFR 250.141 (h) (associated with user bank purchase of stock.
This area cited in 10 Pa. Code В§ 13.61 (associated with definitions); 10 Pa. Code В§ 13.62 (associated with 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 as a purpose that is limited workplace); and 10 Pa. Code В§ 13.67 (concerning authority associated with Department).
