51A-4-45. Contracts for services.

141 words·~1 min read·/sd/title-51/chapter-51-4/51a-4-45

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

Unless prohibited by another provision of statute, a financial institution, known as the customer institution, may contract with another financial institution, known as the service institution, to grant the service institution the authority to render services to the depositors, borrowers, or other customers of the customer institution, after notice of the proposed contract is given to the director and the director does not object to the contract within thirty days of the notice.

A contract may include authority to conduct transactions at or through any principal office, branch, or detached facility of either financial institution which is party to the contract. For the purposes of this section, the service institution is not considered a branch of the customer institution. Nothing in this section or § 51A-4-44 may be construed to apply to any loan production office as defined in subdivision 51A-1-2(18).