Current through Reg. 49, No. 38; September 20, 2024
(a) Activities of a
subsidiary must consist of one or more of the following:
(1) loan origination, purchasing, selling,
and servicing;
(2) acquisition of
unimproved real estate lots and other unimproved real estate for the purpose of
prompt development and subdividing;
(3) purchasing, selling, owning, renting,
leasing, managing, subdividing, improving, operating for income, or otherwise
dealing in and with real property, whether improved or unimproved (excluding
any investment of any nature in an oil and gas drilling venture, whether such
investment be in the stock of a corporate entity or in the partnership or joint
venture interest of any entity making purchases or investments in oil and gas
drilling ventures);
(4) acquisition
of improved residential real estate and mobile home lots to be held for sale or
rental;
(5) acquisition of improved
residential real estate for remodeling, rehabilitation, modernization,
renovation, or demolition and rebuilding for sale or for rental;
(6) maintenance and management of rental real
estate;
(7) serving as real estate
brokers;
(8) serving as insurance
broker or agent;
(9) engaging in or
owning an interest in insurance companies engaged in the property, casualty,
fire and marine, life, health and accident, title, fidelity, guaranty, and
surety insurance business;
(10)
serving in the capacity of trustee under deeds of trust or escrow
agent;
(11) preparation of state
and federal tax returns for the savings association's accountholders and/or
borrowers;
(12) acquisition,
maintenance, and management of real estate to be used for savings association
offices and related facilities;
(13) investing in obligations of, or
guaranteed as to principal and interest by, the United States or this state,
and in bonds, notes, or other evidences of indebtedness which are a general
obligation of any city, town, village, county, school district, or other
municipal corporation or political subdivision of this state;
(14) investing in venture capital through
small business investment corporations; and
(15) other activities which may be approved
by the Commissioner.
(b)
A subsidiary may not, without prior approval of the Commissioner, invest in the
stock of any savings and loan association or savings bank.
(c) A subsidiary may not receive payments on
new or established savings accounts or pay out withdrawals of monies from
savings accounts, and may not perform any duties for the savings association
other than those specifically authorized in this section.
(d) The savings association must maintain the
originals of all documents relating to the activities of its subsidiaries that
do not require prior approval by the Commissioner, which documents must be made
available at all times to state and federal supervisory authorities for
examination and review.
