(1) When an application to organize has been submitted, the Director of the Department of Consumer and Business Services shall determine whether:
(a) The purposes of the proposed banking institution as stated in the proposed banking institution’s articles of incorporation and the application are consistent with the Bank Act;
(b) The character, financial responsibility and general fitness of the persons named in the application are such as to command the confidence of the community in which the proposed banking institution is to be located and to warrant the belief that the business of the proposed corporation will be honestly and efficiently conducted;
(c) The proposed directors and officers are competent to manage successfully a banking institution;
(d) The suggested capitalization is adequate for the proposed banking institution’s anticipated development and growth within a reasonable period of time; and
(e) There is reasonable assurance of sufficient volume of business for the proposed banking institution to be economically viable.
(2) If the director is satisfied that the applicant meets the standards prescribed in subsection (1) of this section the director shall note the approval and the date on each copy of the application. If the director is not satisfied or believes that the public interest will be endangered the director shall note the disapproval of the director and the date on each copy of the application.
(3) The director shall acknowledge receipt of an application and shall notify the applicants of approval or disapproval of the application. The director shall file the original of an approved application in the office of the director.
(4) The director shall act to approve or disapprove an application within 60 days from receipt of the application, unless a majority of the applicants and the director agree to extend the time an additional 30 days.
(5) The director may grant conditional approval of any application and require the applicants to make additional showing or changes in the proposed banking institution as the director considers advisable.
(6) The applicants may appeal the decision of the director to any court of appropriate jurisdiction. [Amended by 1973 c.797 §55; 1975 c.544 §8a; 1997 c.631 §40]
Section: Previous 707.030 707.035 707.040 707.050 707.060 707.070 707.075 707.080 707.090 707.100 707.110 707.120 707.130 707.140 707.145 NextLast modified: August 7, 2008