(1) As used in this section:
(a) “Bank” includes any banking institution, out-of-state state bank, national bank or extranational institution doing a banking business in this state.
(b) “Banking day” means any day that is not an optional bank holiday.
(c) “Emergency” means any condition or occurrence which may interfere with the conduct of normal business operations at one or more of the offices of a bank, or which poses an imminent or existing threat to the safety or security of persons or property.
(d) “Open for the general conduct of banking business” means the office or offices of a bank are open to the public for carrying on substantially all business functions of the bank.
(e) “Optional bank holiday” means:
(A) Each Saturday and Sunday.
(B) New Year’s Day on January 1.
(C) Martin Luther King, Jr.’s birthday on the third Monday in January.
(D) Presidents Day on the third Monday in February.
(E) Memorial Day on the last Monday in May.
(F) Independence Day on July 4.
(G) Labor Day on the first Monday in September.
(H) Columbus Day on the second Monday in October.
(I) Veterans Day on November 11.
(J) Thanksgiving Day on the fourth Thursday in November.
(K) Christmas Day on December 25.
(2) When an optional bank holiday, other than a Saturday, falls on a Saturday, the bank may observe the holiday either on that day or on the preceding Friday. When an optional bank holiday, other than a Sunday, falls on a Sunday, the bank may observe the holiday either on that day or on the succeeding Monday.
(3) Except as otherwise provided in this section, banks shall be open for the general conduct of banking business on each banking day.
(4) Any bank may remain closed on any optional bank holiday with respect to all or any of its banking and other functions.
(5) Subject to any applicable federal law or regulation, an office of a bank may be closed for any part or all of a banking day if the times or days which the office is open are posted on the premises of the office.
(6) When the Director of the Department of Consumer and Business Services determines that an emergency exists, the director may authorize the closing of the principal office or branch of any bank which may be affected by the emergency. The office or branch so closed may remain closed until the director determines that the emergency has ended and for such further time thereafter as may reasonably be required to prepare the office or branch to reopen.
(7) When the officers of a bank determine that an emergency exists which affects the principal office or a branch of the bank, they may close the office or branch without the approval of the director for a period not to exceed 48 hours, excluding holidays, during the continuation of the emergency. A bank closing an office or branch under this subsection shall give prompt notice of its action to the director, or in the case of a national bank, to the Comptroller of the Currency.
(8) The principal officers of a bank may close the principal office or any branch of the bank on any day designated, by proclamation of the President of the United States or the Governor of this state, as a day of mourning, rejoicing, or other special observance.
(9) When any obligation payable at, by or through a bank falls due on a day on which the bank remains closed under this section, it shall be due and payable on the next banking day on which the bank is open. Any act authorized, required or permitted to be performed at, by or with respect to any bank on a day on which the bank remains closed may be performed on the next banking day on which the bank is open, and no liability or loss of rights of any kind shall result from the closing. [1997 c.631 §1c; 1999 c.59 §218]
Section: Previous 708A.575 708A.580 708A.585 708A.590 708A.595 708A.600 708A.605 708A.630 708A.635 708A.640 708A.645 708A.650 708A.655 708A.990 708A.995 NextLast modified: August 7, 2008