View all text of Chapter 18 [§ 1861 - § 1867]
§ 1864. Permissible bank service company activities for other persons
(a) Services permissible other than taking deposits
(b) Services to be performed in State where shareholders or members are located
Except as permissible under subsection (c), (d), or (e) or with the prior approval of the Board under section 1865(b) of this title in accordance with subsection (f) of this section—
(1) a bank service company shall not perform the services authorized by this section in any State other than that State in which its shareholders or members are located; and
(2) all insured bank shareholders or members of a bank service company shall be located in the same State.
(c) Performance where State bank or savings association is shareholder or member
(d) Performance where national bank or Federal savings association is shareholder or member
(e) Performance where State bank and national bank are shareholders or members
A bank service company may perform—
(1) only those services that each depository institution shareholder or member is otherwise authorized to perform under any applicable Federal or State law; and
(2) such services only at locations in a State in which each such shareholder or member is authorized to perform such services.
(f) Geographic location
(Pub. L. 87–856, § 4, Oct. 23, 1962, 76 Stat. 1132; Pub. L. 97–320, title VII, § 709, Oct. 15, 1982, 96 Stat. 1542; Pub. L. 97–457, § 32(b)(2), Jan. 12, 1983, 96 Stat. 2511; Pub. L. 104–208, div. A, title II, § 2613(e), Sept. 30, 1996, 110 Stat. 3009–477; Pub. L. 106–102, title I, § 102(b)(2), Nov. 12, 1999, 113 Stat. 1342; Pub. L. 109–351, title VI, § 602(b)(3), Oct. 13, 2006, 120 Stat. 1979.)