13-02-15-02. Authorization of loan production offices.

The commissioner may authorize the establishment of intrastate and interstate loan production offices by North Dakota state-chartered banks. In determining whether to approve the application for a loan production office, the commissioner shall take into consideration the following:

1. Whether the applicant bank is at least adequately capitalized per the most recently filed report of condition and income;

2. The volume of loans that applicant anticipates generating;

3. The information provided pursuant to section 13-02-15-04; and

4. Any other information the commissioner deems appropriate.

If an application for the establishment of a loan production office is denied by the commissioner, the applicant bank may appeal the decision of the commissioner to the state banking board.

History: Effective May 1, 1993; amended effective July 1, 2009.

General Authority: NDCC 6-01-04, 6-03-02

Law Implemented: NDCC 6-03-38