9-1701. Examination of banks and trust companies; other reports.
246 words·~1 min read·
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9-1701. Examination of banks and trust companies; other reports.
(a)The commissioner or the commissioner's staff shall visit each bank and trust company at least once every 18 months, and may visit any bank or trust company at any time the commissioner deems necessary for the purpose of making an examination or inquiry into the condition of the affairs of such bank or trust company. For such purpose, the commissioner and the commissioner's staff are authorized to administer oaths and to examine under oath the directors, officers, employees and agents of any bank or trust company.
(b)The results of any examination pursuant to this section shall be reduced to writing by the commissioner or the commissioner's staff. The commissioner shall provide to the board of directors of the bank or trust company a copy of the examination report. No person shall personally examine a bank or trust company if that person is a stockholder of, indebted to or otherwise financially interested in that bank or trust company.
(c)The examination team may conduct an exit review meeting with the board of directors of a bank or trust company following the examination of such bank or trust company as provided in subsection (a).
(d)The commissioner is hereby authorized to accept any examination report or any other report on a state bank or trust company made by the:
(1)Federal deposit insurance corporation or its successor;
(2)federal reserve bank; or
(3)consumer financial protection bureau.