2009 Kentucky Revised Statutes Subtitle 3. Banks and Trust Companies 286.3.102 Activities permitted to state bank receiving CAMELS rating of 1 or 2 -- Section not applicable to deferred deposit transactions or title pledge lending.
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286.3-102 Activities permitted to state bank receiving CAMELS rating of 1 or 2 --
Section not applicable to deferred deposit transactions or title pledge lending.
(1) As used in this section, a CAMELS rating means a system of rating used by
examiners of financial institutions to rate the institutions in six (6) categories: <br>capital adequacy, asset quality, management effectiveness, quantity and quality of <br>earnings, liquidity, and sensitivity to market risk.
(2) In addition to all other banking activities permitted by this subtitle, a state bank
receiving a CAMELS rating of 1 or 2 at its most recent state or federal bank <br>regulatory examination may engage in any banking activity in which the bank could <br>engage and is exempted from any statutes or administrative regulations which <br>would be preempted if: <br>(a) It was operating as a national bank in Kentucky; <br>(b) It was operating as a state bank, state thrift, or state savings bank in any state;
or
(c) It meets the qualified thrift lender test as determined by the Office of Thrift
Supervision or its successor, or was operating as a federally chartered thrift or <br>federal savings bank in any state.
(3) Before a state bank may engage in any of the banking activities permitted by
subsection (2) of this section, the state bank shall obtain a legal opinion specifying <br>the statutory or regulatory provisions that permit the activity in which the state bank <br>intends to engage and the conditions under which such activity is allowed. This <br>legal opinion shall be maintained by the bank and provided to the department upon <br>request.
(4) This section shall not apply to exempt any laws which regulate Kentucky state
banks pertaining to deferred deposit transactions in Subtitle 9 of this chapter, title <br>pledge lending in Subtitle 10 of this chapter, visitorial or examination powers, and <br>interest rates.
Effective: July 15, 2010 <br>History: Amended 2010 Ky. Acts ch. 24, sec. 623, effective July 15, 2010; and ch. 28,
sec. 11, effective July 15, 2010. -- Amended 2006 Ky. Acts ch. 183, sec. 7, effective <br>July 12, 2006. -- Created 2000 Ky. Acts ch. 279, sec. 1, effective July 14, 2000.
Formerly codified as KRS 287.102. <br>Legislative Research Commission Note (7/15/2010). This section was amended by
2010 Ky. Acts chs. 24 and 28, which do not appear to be in conflict and have been <br>codified together.
Legislative Research Commission Note (7/12/2006). This section was amended in
2006 Ky. Acts ch. 183. In that same session, 2006 Ky. Acts ch. 247, sec. 38 required <br>that all sections of KRS Chapters 287, 288, 290, 291, 294, 366, 366A, and 368 be <br>renumbered as sections of a single KRS chapter entitled the "Kentucky Financial <br>Services Code." Therefore, the Statute Reviser, acting under KRS 7.136(1), has <br>changed the number of this section and codified it as a section of KRS Chapter 286.
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