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286.3-450 Examination -- Procedure -- Agreement to examine and supervise
branches -- Joint examination and enforcement actions.
(1)
(2)
(3)
(4)
(5)
Every state bank, branch of an out-of-state state bank, or trust company doing
business under the laws of this state shall be subject to inspection by the
commissioner or by an examiner appointed by the commissioner. Examination
shall be made of each institution at least once every twenty-four (24) months,
unless other examinations are accepted as provided in subsections (3), (4),
and (5) of this section, and not more than twice unless it appears from
examination or from the reports of the institution that it has failed to comply with
laws or regulations relating to banks or trust companies, or has engaged in
unsafe or unsound banking practices.
The commissioner, deputy commissioner, and each examiner may compel the
appearance of any person for the purpose of the examination, which shall be
made in the presence of one (1) of the officers of the institution being
examined.
Any bank that becomes a member of a Federal Reserve Bank shall be subject
to the examination required by the Federal Reserve Act, (38 Stat. 251) as
amended, and the commissioner may, in his discretion, accept examinations
made by the Federal Reserve authorities in lieu of examinations made under
state laws. The commissioner shall furnish to the Federal Reserve agent of the
district in which the member bank is situated, copies of reports and
examinations made of the member bank.
The commissioner may, in his discretion, accept examinations made by the
Federal Deposit Insurance Corporation in lieu of examinations made under
state laws.
The commissioner may, in his discretion, enter into cooperative, coordinating,
and information-sharing agreements with any other bank supervisory agencies
or any organization affiliated with or representing one (1) or more bank
supervisory agencies with respect to the periodic examination or other
supervision of any branch of an out- of- state state bank, any branch of a state
bank in any host state, any trust office or trust representative office of an
out-of-state trust company, or any trust office or trust representative office of a
Kentucky state trust company in any host state. The commissioner may accept
reports of examinations and reports of investigation from other bank
supervisory agencies and home state regulators in lieu of examinations made
under state law. The commissioner may enter into joint examinations or joint
enforcement actions with other bank supervisory agencies having concurrent
jurisdiction over any bank, bank holding company, branch of an out- of- state
state bank, any branch of a state bank located in any host state, any trust office
or trust representative office of an out-of-state trust company, or any trust office
or trust representative office of a Kentucky state trust company in any host
state. Information produced or provided under this section shall be considered
confidential as provided in KRS 286.3-470.
Effective:June 8, 2011
History: Amended 2011 Ky. Acts ch. 67, sec. 5, effective June 8, 2011. -Amended 2010 Ky. Acts ch. 24, sec. 639, effective July 15, 2010. -- Amended
2006 Ky. Acts ch. 183, sec. 11, effective July 12, 2006. -- Amended 1998 Ky.
Acts ch. 196, sec. 16, effective July 15, 1998. -- Amended 1996 Ky. Acts
ch. 338, sec. 17, effective July 15, 1996. -- Amended 1992 Ky. Acts ch. 77,
sec. 4. effective July 14, 1992. -- Amended 1984 Ky. Acts ch. 324, sec. 30,
effective July 13, 1984. -- Amended 1982 Ky. Acts ch. 251, sec. 14, effective
April 1, 1982. -- Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1,
1942, from Ky. Stat. sec. 165a-8.
Formerly codified as KRS 287.450.
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. In addition, a KRS reference has been adjusted to
conform with the renumbering.
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