§ 44-15-1 — § 44-15-1. Definitions.

§ 44-15-1. Definitions.

Whenever used in this chapter:

(1) "Banking institution� means and includes a national banking association with its principal office or a branch located within the limits of this state, a state bank, trust company, savings bank (state or federal), building and loan association, and savings and loan association (state or federal), and loan and investment company organized under the laws of this state or having its principal place of business or a branch in this state:

(2)(i) "Deposits� means and includes:

(A) In the case of a national banking association, state bank, trust company, or savings bank (state or federal), savings deposits, participation deposits, or time deposits of any kind which bear interest or which are entitled to dividends;

(B) In the case of a building and loan association or a savings and loan association, outstanding shares of stock of every class and however designated plus divided earnings applicable to the stock, or time deposits of any kind, but shall not include shares of stock and the divided earnings applicable, or time deposits of any kind pledged as collateral to secure mortgage loans on real estate;

(C) In the case of a loan and investment company, deposits, or time deposits of any kind, which bear interest; also fully paid or partly paid certificates of investment, but not including payments made on investment certificates hypothecated as collateral against loans.

(ii) "Depositsâ€� and "time depositsâ€� as used in subparagraphs (i)(A) — (i)(C) of this subdivision also mean and include deposits or savings made under any type of deposit or savings plan represented by certificates of deposit, savings bonds, or income certificates issued by any banking institution, or however these or similar time deposits or savings plan may be designated. "Depositsâ€� or "time depositsâ€� as used above shall not include any deposits of a branch or office of any banking institution located outside of this state, whether it is established de novo or acquired pursuant to an interstate merger, consolidation, or acquisition; provided, that the deposits are made at a branch or office outside of this state, or an international banking facility of any banking institution, as defined in 12 C.F.R. §â€‚204.8, or which are payable only at an office located outside of the United States.

Legislative History

G.L. 1938, ch. 40, § 1; P.L. 1942, ch. 1212, art. 8, § 1; P.L. 1943, ch. 1342, § 1; G.L. 1956, § 44-15-1; P.L. 1958, ch. 166, § 1; P.L. 1968, ch. 263, art. 13, § 1; P.L. 1969, ch. 207, art. 2, § 1; P.L. 1971, ch. 53, art. 2, § 1; P.L. 1972, ch. 155, art. 4, § 1; P.L. 1973, ch. 263, art. 2, § 1; P.L. 1986, ch. 410, § 1; P.L. 1987, ch. 174, § 3; P.L. 1988, ch. 269, § 1.