{"data":{"id":"us-ky/krs-286.3-187","jurisdiction":"us-ky","citation":"KRS 286.3-187","heading":"Bank acting as agent of another financial institution -- Filing --","body":"Commissioner's approval -- Scope of activities.\n(1) Except as set forth in subsection (7) of this section, with prior approval of the\ncommissioner and upon compliance with the requir ements of this section, any state\nbank may agree to receive deposits, renew time deposits, close loans, service loans,\nreceive payments on loans and other obligations, and perform other services as may\nbe authorized by administrative regulations, as an age nt for any national bank,\nsavings and loan, or savings bank having its principal office in Kentucky or any\nstate bank.\n(2) A state bank that proposes to enter into an agency agreement under this section shall\nfile with the commissioner, at least thirty (30 ) days before the effective date of the\nagreement:\n(a) A notice of intention to enter into an agency agreement with a national bank,\nsavings and loan, or savings bank having its principal office in Kentucky or a\nstate bank;\n(b) A description of the services to be performed under the agency agreement; and\n(c) A copy of the agency agreement.\n(3) The commissioner shall decide whether to approve the agency agreement within\nthirty (30) days of the receipt of the notice required by subsection (2) of this section;\nexcept if the commissioner requests additional information after receiving such\nnotice, the time limit for the commissioner's decision shall be thirty (30) days after\nreceiving the additional information.\n(4) The commissioner may order a state bank to cea se acting as an agent or principal\nunder any agency agreement with a state bank or a national bank, savings and loan,\nor savings bank having its principal office in Kentucky that the commissioner finds\nto be inconsistent with safe and sound banking practices.\n(5) A state bank acting as an agent for a state bank or a national bank, savings and loan,\nor savings bank having its principal office in Kentucky in accordance with this\nsection shall not be considered to be a branch of that institution.\n(6) Except as set forth in subsection (7) of this section, a state bank may act as an agent\nfor a national bank, savings and loan, or savings bank having its principal office\noutside Kentucky to the same extent it could act were it operating as a national bank\nat the time.\n(7) Nothing in this section authorizes a state bank to conduct any activity as an agent\nunder this section which the bank is not permitted to conduct as a principal under\nany applicable federal or state law.","path":[],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=14550","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:57:10Z","sha256":"f2f5ab02306c73969f8f64a9856af883d8e1e81999e0e5b11505c40a2554001d","source_id":"us-ky","stale":false,"prev":"us-ky/krs-286.3-185","next":"us-ky/krs-286.3-190"},"notice":"GroundRules: Original legal text. Not legal advice."}