2013 Kentucky Revised Statutes CHAPTER 286 - KENTUCKY FINANCIAL SERVICES CODE Subtitle 3 - Banks and Trust Companies 3.3-102 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)
(2)
(3)
(4)
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:
capital adequacy, asset quality, management effectiveness, quantity and
quality of earnings, liquidity, and sensitivity to market risk.
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
regulatory examination may engage in any banking activity in which the bank
could engage and is exempted from any statutes or administrative regulations
which would be preempted if:
(a) It was operating as a national bank in Kentucky;
(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 federal savings bank in any state.
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 the statutory or regulatory provisions that permit the activity in which
the state bank intends to engage and the conditions under which such activity
is allowed. This legal opinion shall be maintained by the bank and provided to
the department upon request.
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 pledge lending in Subtitle 10 of this chapter, visitorial or examination
powers, and interest rates.
Effective:July 15, 2010
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 July 12, 2006. -- Created 2000 Ky. Acts ch. 279, sec. 1,
effective July 14, 2000.
Formerly codified as KRS 287.102.
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 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 that all sections of KRS Chapters 287, 288, 290, 291, 294, 366, 366A,
and 368 be renumbered as sections of a single KRS chapter entitled the
"Kentucky Financial Services Code." Therefore, the Statute Reviser, acting
under KRS 7.136(1), has changed the number of this section and codified it as a
section of KRS Chapter 286.
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