(1) This section applies to domestic associations and to foreign or federal associations doing business in this state.
(2) As used in this section:
(a) “Emergency” means any condition or occurrence which may interfere with the conduct of normal business operations at the principal office or one or more of the branches of an association, or which poses an imminent or existing threat to the safety or security of persons or property.
(b) “Open for the general conduct of association business” means the office or offices of the association are open for carrying on substantially all business functions of the association.
(3) The following days are optional holidays for purposes of this section:
(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.
(4) When an optional holiday, other than a Saturday, falls on Saturday, the association may observe the holiday either on that day or on the preceding Friday. When an optional holiday, other than a Sunday, falls on a Sunday, the association may observe the holiday either on that day or on the succeeding Monday.
(5) Except as otherwise provided in this section, associations shall be open for the general conduct of association business on each day that is not an optional holiday.
(6) Any savings association may remain closed on any holiday with respect to all or any of its functions.
(7) Subject to any applicable federal law or regulation, an office of a savings association may be closed for any part or all of any day other than a holiday if the times or days which the office is open are posted on the premises of the office.
(8) 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 any branch of an association that 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.
(9) When the officers of an association determine that an emergency exists which affects the principal office or a branch of the association, 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. An association closing an office or branch under this subsection shall give prompt notice of its action to the director or, in the case of a foreign or federal association, to its supervisory authority.
(10) The principal officers of a savings association may close any office of the association 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.
(11) When any obligation payable at, by or through an association, principal office or branch falls due on a day on which it remains closed under this section, it shall be due and payable on the next day on which the association, office or branch is reopened. Any act authorized, required or permitted to be performed at, by or with respect to any savings association, office or branch on a day on which it remains so closed may be performed on the next succeeding day on which the association, office or branch is reopened; and no liability or loss of rights of any kind shall result from such closing. [Formerly 722.185; 1981 c.472 §11; 1985 c.627 §2; 1989 c.582 §2; 1989 c.596 §2; 1995 c.373 §2; 1997 c.188 §2; 2001 c.104 §285]
Section: Previous 722.150 722.152 722.154 722.155 722.156 722.158 722.160 722.162 722.164 722.165 722.167 722.170 722.175 722.180 722.185 NextLast modified: August 7, 2008