Pennsylvania Code & Bulletin
COMMONWEALTH OF PENNSYLVANIA

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The Pennsylvania Code website reflects the Pennsylvania Code changes effective through 52 Pa.B. 5624 (August 27, 2022).

10 Pa. Code § 13.63. Permissible activities.

§ 13.63. Permissible activities.

 (a)  The following activities may be conducted at a limited purpose banking office of a banking institution, if, in instances where another state is involved, the performance of the activities at the limited purpose banking office does not violate, and is not otherwise contrary to, the laws of the other relevant state:

   (1)  Loan production office activities, including:

     (i)   Soliciting loans, and, in connection therewith, assembling credit information.

     (ii)   Making property inspections and appraisals.

     (iii)   Securing title information.

     (iv)   Preparing applications for loans, including making recommendations with respect to action thereon.

     (v)   Soliciting investors to purchase loans from the banking institution.

     (vi)   Seeking to have the investors contract with the banking institution for the servicing of the loans.

     (vii)   Engaging in other similar agent-type activities.

   (2)  Representative office activities, including: representational functions, such as soliciting banking and trust business, marketing services or acting as a liaison with customers on behalf of the banking institution:

     (i)   A banking institution may only solicit fiduciary business or other types of trust business at the limited purpose banking office if the banking institution is authorized to engage in fiduciary and trust activities under its laws of incorporation.

     (ii)   A banking institution which is chartered by or is headquartered in a state other than this Commonwealth may not act as a fiduciary or establish an office to conduct a fiduciary business in this Commonwealth, beyond the activities permitted in § §  13.61, 13.62, 13.64—13.68 and this section, in contradiction of section 106(b) of the act (7 P. S. §  106(b)).

   (3)  Clerical, back office type of activities of the banking institution.

   (4)  Administrative activities related to the premises or personnel of the limited purpose banking office.

   (5)  Other similar activities, subject to the Department written nonobjection.

 (b)  The activities in subsection (a)(1) represent those activities which may be conducted by a loan production office, under section 102 (h)(v) of the act (7 P. S. §  102(h)(v)), and are consistent with the regulations of the Federal Reserve Board in 12 CFR 250.141 (h) (relating to member bank purchase of stock of ‘‘operations subsidiaries’’).

Cross References

   This section cited in 10 Pa. Code §  13.61 (relating to definitions); 10 Pa. Code §  13.62 (relating to application); 10 Pa. Code §  13.63 (relating to permissible activities); 10 Pa. Code §  13.65 (relating to information required); 10 Pa. Code §  13.66 (relating to designation as a limited purpose banking office); and 10 Pa. Code §  13.67 (relating to authority of the Department).



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