Banking Law

This act governs the chartering, supervision, and regulation of banks and other financial institutions within a state, including nondepository institutions such as licensed lenders and money transmitters. It creates a state banking regulator — an office headed by a commissioner — and vests it with rulemaking authority, examination and visitation powers over state-chartered institutions, licensing functions, and enforcement tools including cease and desist orders and penalties for false or misleading filings. It also imposes ongoing reporting and recordkeeping duties on regulated institutions, funds the regulator through assessments and fees levied on them, and provides an administrative process — written decisions, reconsideration, and judicial review on the agency record — for parties aggrieved by the commissioner's actions.

Editorial summary generated from the text of this act. It is not part of the statute — read the sections below for the operative language.