Certain state associations possess same powers and privileges as federally chartered associations.
1. Notwithstanding any other provision of this chapter, every company, association or corporation licensed under the provisions of this chapter whose accounts are insured by the Federal Deposit Insurance Corporation or its successor, or which is a member of a Federal Home Loan Bank or its successor as an insured association, has the same rights, powers, privileges, immunities and exceptions which are possessed by any federally chartered association unless expressly denied by the Commissioner.
2. Whenever additional rights, powers, privileges or exceptions are granted to any federally chartered association, every company, association or corporation licensed under the provisions of this chapter whose accounts are federally insured has those additional rights, powers, privileges or exceptions unless expressly denied by the Commissioner.
Last modified: February 26, 2006