§ 9-R. Geographic restrictions.
276 words·~1 min read·
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§ 9-r. Geographic restrictions. 1. No banking institution shall have a
policy or general practice of refusing to open a deposit account solely
on the basis of the geographic location of the depositor's residence or
place of business; provided that the banking office at which the
depositor seeks to open the account is within the county or, in the case
of a county wholly contained within a city, the city in which such
residence or place of business is located. For purposes of this section,
"banking institution" means any bank, trust company, savings bank,
savings and loan association, or branch of a foreign banking corporation
the deposits of which are insured by the federal deposit insurance
corporation, which is incorporated, chartered, organized or licensed
under the laws of this state or any other state or the United States.
2. Nothing herein contained shall prevent a banking institution from
requiring any person applying for a deposit account to demonstrate that
the residence or place of business of such person is located within the
same county or city, or prevent a banking institution from taking
actions necessary to verify such person's residence or place of
business, so as to avoid being considered in violation of any law of the
United States or of this state which has as its purpose the prevention
of money laundering or other criminal or fraudulent acts, including,
without limitation, 12 USC § 1829b (Bank Secrecy); 18 USC § 1341 (Frauds
and Swindles); 18 USC § 1342 (Fictitious Name or Address); 18 USC § 2113
(Bank Robbery and Incidental Crimes); 31 USC § 5311 through § 5326
(Records and Reports on Monetary Instruments Transactions).