§ 618.8030. Out-of-territory related services.
247 words·~1 min read·
/us/cfr/t12/s§ 618.8030·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(a)System banks and associations may offer related services outside their chartered territories subject to the following conditions:
(1)The System bank or association obtains consent from all chartered institutions currently offering the same type of service in the territory in which the service is to be provided; or
(2)If no System bank or association is currently offering the same type of service in the territory, then the out-of-territory institution must obtain the consent of at least one direct lender institution chartered in the territory in which the related service is to be provided.
(3)The consent obtained pursuant to paragraphs (a)(1) and (a)(2) of this section shall be in the form of a written agreement with specific terms and conditions including timeframes.
(b)System banks and associations providing out-of-territory services must fulfill all requirements of subparts A and B of this part 618.
(c)An institution that consents to another bank or association providing a related service in its chartered territory must meet the requirements of this section, but need not comply with the other requirements of subparts A and B of this part 618, unless the program consented to imposes a financial obligation on the consenting institution. If a financial obligation exists, then the consenting institution must comply with §§ 618.8015, 618.8020 and 618.8025.
(d)Service corporations must follow the requirements of this section in offering related services out-of-territory. A service corporation cannot consent to an out-of-territory institution providing services in its chartered territory.