§ 11-105-604 — Subsidiary depository institutions as agent

(1) Any bank
subsidiary of a bank holding company may receive deposits, renew time deposits,
close loans, service loans, and receive payments on loans and other obligations as
an agent for an affiliate financial institution, as such authority is set forth in section
101(d) of the federal Riegle-Neal Interstate Banking and Branching Efficiency Act
of 1994. Notwithstanding any other provision of law, a bank acting as an agent in
accordance with this subsection (1) for an affiliate financial institution shall not be
considered to be a branch of the affiliate.

(2) Any contract entered into pursuant to section 11-25-105 as it existed prior
to July 1, 1995, shall remain valid and in effect according to the terms of the
contract and any subsequent agreement of the contracting financial institutions.

Legislative History

Source: L. 2003: Entire article added with relocations, p. 1132, � 3, effective July 1.