Alabama § 5-3A-35 Powers of Superintendent

Alabama Statutes

§ 5-3A-35 — Powers of Superintendent

Alabama·Title 5 Banks and Financial Institutions·Ch. 3A Examinations of Banks; Reports of Banks·Art. 2 Examination of Bank Services Providers Act

(a)The superintendent may enter into agreements, which shall be deemed sole source, one vendor, and one supplier contracts under the procurement laws of this state and shall be exempt from competitive and other bid requirements, with any bank supervisory agency that has concurrent jurisdiction over a service provider to do either of the following:

(1)Engage the services of the examiners of any bank supervisory agency at a reasonable rate of compensation.

(2)Provide the services of the examiners of the State Banking Department to any bank supervisory agency at a reasonable rate of compensation.

(b)The superintendent may enter into corrective agreements with a service provider or may issue corrective orders to a service provider if the superintendent determines the actions are necessary

Free access — add to your briefcase to read the full text and ask questions with AI

(a) The superintendent may enter into agreements, which shall be deemed sole source, one vendor, and one supplier contracts under the procurement laws of this state and shall be exempt from competitive and other bid requirements, with any bank supervisory agency that has concurrent jurisdiction over a service provider to do either of the following:
(1) Engage the services of the examiners of any bank supervisory agency at a reasonable rate of compensation.
(2) Provide the services of the examiners of the State Banking Department to any bank supervisory agency at a reasonable rate of compensation.
(b) The superintendent may enter into corrective agreements with a service provider or may issue corrective orders to a service provider if the superintendent determines the actions are necessary to ensure the safe and sound operation of a serviced bank or serviced banks or to respond to a danger, or potential danger, to the public welfare.
(c) The superintendent may enter into joint examinations or joint enforcement actions with other bank supervisory agencies having concurrent jurisdiction over a service provider.

Alabama § 5-3A-35 (Powers of Superintendent) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.