12 U.S.C. § 1864 : US Code - Section 1864: Permissible bank service company activities for other persons

Search 12 U.S.C. § 1864 : US Code - Section 1864: Permissible bank service company activities for other persons

(a) Services permissible other than taking deposits
A bank service company may provide to any person any service
authorized by this section, except that a bank service company
shall not take deposits.
(b) Services to be performed in State where shareholders or members
are located
Except as permissible under subsection (c), (d), or (e) or with
the prior approval of the Board under section 1865(b) of this title
in accordance with subsection (f) of this section -
(1) a bank service company shall not perform the services
authorized by this section in any State other than that State in
which its shareholders or members are located; and
(2) all insured bank shareholders or members of a bank service
company shall be located in the same State.
(c) Performance where State bank or savings association is
shareholder or member
A bank service company in which a State bank or State savings
association is a shareholder or member shall perform only those
services that such State bank or State savings association
shareholder or member is authorized to perform under the law of the
State in which such State bank or State savings association
operates and shall perform such services only at locations in the
State in which such State bank or State savings association
shareholder or member could be authorized to perform such services.
(d) Performance where national bank or Federal savings association
is shareholder or member
A bank service company in which a national bank or Federal
savings association is a shareholder or member shall perform only
those services that such national bank or Federal savings
association shareholder or member is authorized to perform under
the law of the United States and shall perform such services only
at locations in the State at which such national bank or Federal
savings association shareholder or member could be authorized to
perform such services.
(e) Performance where State bank and national bank are shareholders
or members
A bank service company may perform -
(1) only those services that each depository institution
shareholder or member is otherwise authorized to perform under
any applicable Federal or State law; and
(2) such services only at locations in a State in which each
such shareholder or member is authorized to perform such
services.
(f) Geographic location
Notwithstanding the other provisions of this section or any other
provision of law, other than the provisions of Federal and State
branching law regulating the geographic location of banks or
savings associations to the extent that those laws are applicable
to an activity authorized by this subsection, a bank service
company may perform at any geographic location any service, other
than deposit taking, that the Board has determined, by regulation,
to be permissible for a bank holding company under section
1843(c)(8) of this title as of the day before November 12, 1999.