§449-20.5 Closing branch office. (a) An escrow depository shall give the commissioner notice of its intent to close any branch office at least thirty days prior to the closing. The notice shall:
(1) State the intended date of closing;
(2) Specify the reasons for the closing; and
(3) Contain a certification by the secretary or other authorized officer of the escrow depository that the decision to close was duly approved by its board of directors.
(b) After closing a branch office, the escrow depository shall promptly thereafter surrender to the commissioner the branch office license for that location. [L 2001, c 184, pt of §1]