A financial institution or any of its subsidiaries may acquire or establish a nonqualifying subsidiary by submitting an application to the department containing:

1. (1) a complete description of the financial institution's investment in the subsidiary;
2. (2) the activity to be conducted; and

3. (3) a representation that the activity:

   1. (A) could be performed by a financial institution under statutory authority of this title;
   2. (B) is a part of or incidental to the business of banking as determined by the director; or

   3. (C) has been authorized as "activity eligible for notice" procedures under 12 CFR 5.34(e).

      The department shall notify the requesting financial institution of the department's receipt of the application.

As added by P.L.215-1999, SEC.10. Amended by P.L.73-2004, SEC.43; P.L.10-2006, SEC.77 and P.L.57-2006, SEC.77.