§ 13-8-102 — Certificate of need required; exceptions

A foreign association shall not establish any branch, office or
agency within this state for the purpose of selling, delivering,
advertising or offering its shares, certificates, bonds or other
evidence of deposit or for taking deposits or payment for any
security it issues without complying with all provisions of law,
and without first obtaining from the state banking commissioner
a certificate that he has determined there is a clear need for
the foreign building and loan association and that the banks and
savings and loan associations doing business in the state do not
adequately meet that need. However, any foreign building and
loan association which had established and was operating an
office, branch or agency within this state prior to February 16,
1963 is not required to obtain the certificate. This section
shall not prevent any foreign building and loan association from
buying notes or bonds, loaning money and taking mortgages upon
real or personal property or other security in this state.