(1) Any bank subsidiary of a bank holding company may receive deposits, renew time deposits, close loans, service loans, and receive payments on loans and other obligations as an agent for an affiliate financial institution, as such authority is set forth in section 101(d) of the federal "Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994". Notwithstanding any other provision of law, a bank acting as an agent in accordance with this subsection (1) for an affiliate financial institution shall not be considered to be a branch of the affiliate.
(2) Any contract entered into pursuant to section 11-25-105 as it existed prior to July 1, 1995, shall remain valid and in effect according to the terms of the contract and any subsequent agreement of the contracting financial institutions.
Source: L. 2003: Entire article added with relocations, p. 1132, § 3, effective July 1.
Editor's note: This section is similar to former § 11-25-105 as it existed prior to 2003.
Cross references: For the federal "Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994", see Pub.L. 103-328, codified at 12 U.S.C. § 1811 et seq.; for section 101(d) of the act, see 12 U.S.C. § 1828.