Financial Code - FIN - FIN § 1711

Summary

(a) In this section, “act” includes (without limitation) omission. (b) For purposes of making findings on an application by an uninsured foreign (other state) bank for approval to establish a facility: (1) The commissioner may, in the absence of credible evidence to the contrary,

Text

(a)
In this section, “act” includes (without limitation) omission.
(b)
For purposes of making findings on an application by an uninsured foreign (other state) bank for approval to establish a facility:
(1)
The commissioner may, in the absence of credible evidence to the contrary, presume that the directors, executive officers, and any
controlling person of the bank, the directors and executive officers of any controlling person of the bank, and the members of the proposed management of the facility are each of good character and sound financial standing.
(2)
The commissioner may find that the bank, a director, executive officer, or controlling person of the bank, a director or executive officer of a controlling person of the bank, or any member of the proposed management of the facility is not of good character if the person has done any of the following:
(A)
Has been convicted of, or has pleaded nolo contendere to, any crime involving an act of fraud or dishonesty.
(B)
Has consented to or suffered a judgment in any civil action based upon conduct involving an act of fraud or dishonesty.
(C)
Has consented to or suffered the suspension or revocation of any professional, occupational, or vocational license based upon conduct involving an act of fraud or dishonesty.
(D)
Has willfully made or caused to be made in any application or report filed with the commissioner or in any proceeding before the commissioner any statement that was at the time and in the light of the circumstances under which it was made false or misleading with respect to any material fact, or has willfully omitted to state in any such application or report any material fact that was required to be stated in the application or report.
(E)
Has willfully committed any violation of, or has willfully aided, abetted, counseled, commanded, induced, or procured the violation by any other person of, any provision of this division or of any regulation or order issued under this division.
(c)
Paragraph (2) of subdivision (b) is not an exclusive list of the grounds upon which the commissioner may find, for purposes of making findings on an application by an uninsured foreign (other state) bank for approval to establish a facility, that the bank, a director, executive officer, or controlling person of the bank, a director or executive officer of a controlling person of the bank, or any member of the proposed management of the facility is not of good character.

Retrieval chunks

• #1 | Financial Code - FIN - FIN § 1711

  (a) In this section, “act” includes (without limitation) omission. (b) For purposes of making findings on an application by an uninsured foreign (other state) bank for approval to establish a facility: (1) The commissioner may, in the absence of credible evidence to the contrary, presume that the directors, execu…