TITLE XXXV
BANKS AND BANKING; LOAN ASSOCIATIONS; CREDIT UNIONS
CHAPTER 383
BANK COMMISSIONER
Section 383:1
383:1 Commissioner and Deputy. –
There shall be a bank commissioner who shall be appointed by the governor with the advice and consent of the council, and whose term shall be for 6 years. There shall be a deputy bank commissioner who shall be recommended by the bank commissioner and appointed by the governor with the advice and consent of the council, and whose term shall be 6 years. The deputy may exercise the powers and perform the duties of the commissioner during the commissioner's absence whenever and to the extent that he or she may be so authorized by the commissioner. In case of the temporary disability of the commissioner, or of a vacancy in the office, the deputy shall have the powers and perform the duties of the commissioner until another commissioner is appointed and qualified.
Source. 1925, 143:1. PL 259:1. RL 307:1. RSA 383:1. 1959, 199:1, eff. July 23, 1959. 2007, 156:13, eff. Aug. 17, 2007.
Section 383:2
383:2 Commissioner Pro tem. –
In case of temporary disability of the commissioner, or of a vacancy in the office, and there is no deputy commissioner, the governor, with the advice and consent of the council, may appoint a bank commissioner for the time being, who shall have the powers and perform the duties of the office while the disability continues or until another commissioner is appointed and qualified. The governor and council shall determine when such appointee shall cease to act.
Source. 1925, 143:2. PL 259:2. RL 307:2.
Section 383:3
383:3 Removal. –
The governor, with the advice and consent of the council, may remove either the bank commissioner or a deputy bank commissioner at any time, for inefficiency, neglect of duty, or malfeasance in office, after hearing, with reasonable notice in writing of the charges against him.
Source. 1925, 143:3. PL 259:3. RL 307:3.
Section 383:4
383:4 Vacancy Filled for Unexpired Term. –
Vacancies in the office of the bank commissioner and deputy bank commissioner as established by RSA 383:1, shall be filled for the unexpired term of such office.
Source. 1943, 39:3, eff. March 3, 1943.
Section 383:5
383:5 Assistant Bank Commissioner. –
[Repealed 1973, 182:1, eff. July 28, 1973.]
Section 383:6
383:6 Qualifications. –
No person who is not a resident of the state at the time of his or her appointment or who fails to become a resident of the state within one year after his or her appointment, and no person who is indebted to any corporation or association under the supervision of the commissioner, or who holds any stock or office in any such corporation or association, or who is engaged as principal or agent in the business of selling or negotiating in this state loans, stocks, or securities of any kind, or who is an officer or stockholder in any corporation engaged in such business, shall be eligible to hold or continue to hold the office of commissioner or deputy commissioner. The provisions of this section relative to indebtedness to a corporation or association under the supervision of the commissioner shall not disqualify a person who, at the time of his or her appointment, is indebted to such corporation or association for a home mortgage loan, or if at a time subsequent to his or her appointment a legal transfer of the loan or conversion of a corporation or association results in the loan being held by a corporation or association under the supervision of the commissioner or deputy commissioner, provided that the indebtedness shall be limited to such pre-existing contracts.
Source. RS 140:20. GS 152:2, 3. GL 166:2, 3. 1881, 95:1. 1889, 60:1. PS 162:2. 1925, 143:4. PL 259:4. RL 367:4. RSA 383:6. 1959, 199:5. 1969, 268:1. 1973, 182:3, eff. July 28, 1973. 2008, 205:11, eff. Aug. 15, 2008.
Section 383:7
383:7 Compensation; Assistants. –
I. The annual salary of the bank commissioner, and that of the deputy commissioner, shall be that prescribed by RSA 94:1-4. The commissioner may appoint examiners and such assistants as may be necessary, within the limits of the appropriations therefor and the rules of the state personnel system. The commissioner, deputy commissioner, examiners, and other assistants shall be allowed their actual traveling expenses when engaged in their official duties. No person shall serve as examiner who would be disqualified to serve as commissioner under the limitations of RSA 383:6, except that examiners may be indebted to such corporations and associations at the time of their appointment, or thereafter, provided any such debt is incurred primarily for personal, household, or family purposes and on terms no more favorable than those afforded to other borrowers, the examiner's employment is disclosed to such corporation or association, and both the examiner and the corporation or association disclose to the commissioner that a debt has been incurred.
II. The banking department shall complete a background investigation and a criminal history records check on every selected applicant for employment in any position in the banking department prior to a final offer of employment. The banking department may extend a conditional offer of employment to a selected applicant after completing a background investigation, with a final offer of employment subject to a successfully completed criminal history records check. No selected applicant may be extended a conditional offer of employment unless the banking department has initiated a criminal history records check. The banking department shall not be held liable in any lawsuit alleging that the extension of a conditional or final offer of employment to an applicant with a criminal history was in any way negligent or deficient if the banking department fulfilled the requirements of this section.
III. The selected applicant for employment shall submit to the banking department a notarized criminal history records release form, as provided by the division of state police, which authorizes the release of the person's criminal records, if any. The applicant shall submit with the release form a complete set of fingerprints taken by a qualified law enforcement agency or an authorized employee of the banking department. In the event that the first set of fingerprints is invalid due to insufficient pattern and a second set of fingerprints is necessary in order to complete the criminal history records check, the conditional offer of employment shall remain in effect. If, after 2 attempts, a set of fingerprints is invalid due to insufficient pattern, the banking department may, in lieu of the criminal history records check, accept police clearances from every city, town, or county where an applicant has lived during the past 5 years.
IV. The banking department shall submit the criminal history records release form to the New Hampshire division of state police, which shall conduct a criminal history records check through its records and through the Federal Bureau of Investigation. Upon completion of the background investigation, the division of state police shall release copies of the criminal conviction records to the department. The department shall maintain the confidentiality of all criminal history records information received pursuant to this paragraph.
V. This section applies to any employee or selected applicant for employment of the banking department.
Source. 1925, 143:5. 1925, 179:1. PL 259:5. 1931, 130:1. RL 307:5. 1950, 9:2. 1953, 265:1. RSA 383:7. 1959, 199:6. 1973, 182:4. 1991, 84:1. 1997, 24:1, eff. June 24, 1997. 2006, 303:7, eff. Aug. 18, 2006.
Section 383:7-a
383:7-a Delegation of Duties and Responsibilities. –
I. The commissioner may delegate to deputies, assistants, examiners, or employees of the banking department the exercise or discharge in the commissioner's name of any power, duty, or function, whether ministerial, discretionary or of whatever character, vested in or imposed upon the commissioner. However, he shall not delegate his rulemaking powers.
II. The official act of any such person acting in the commissioner's name and by his authority shall be deemed an official act of the commissioner.
III. The delegation of duties and responsibilities shall be made by the commissioner in writing, and shall state an effective date.
IV. The delegation of duties and responsibilities made under this section shall expire one year from the effective date of the delegation unless renewed by the commissioner.
V. The commissioner shall provide any board or commission written notice of his or her intent to delegate his or her duties and responsibilities to serve on such board or commission.
Source. 1992, 117:1, eff. May 1, 1992. 2007, 343:2, eff. July 1, 2007.
Section 383:8
383:8 Office. –
The commissioner shall be provided with an office in some suitable place in Concord.
Source. PS 162:5. 1925, 143:6. PL 259:6. RL 307:7.
Section 383:9
383:9 Duties. –
I. The commissioner shall have general supervision of all banks (except national banks), trust companies, building and loan associations, credit unions, Morris plan banks, small loan companies, and other similar institutions in the state. He shall examine into the condition and management of all such institutions at least every 18 months with the exception of highly rated institutions provided for in RSA 383:9-d, and more often when necessary in his judgment or when so directed by the governor. He may regulate the buying or selling of securities by savings banks for officers, employees, or customers. He shall assign to the deputy commissioner and the assistants appointed under RSA 383:7 such of his duties as he sees fit.
II. The commissioner shall adopt rules, pursuant to RSA 541-A, relative to the duties assigned him by paragraph I.
Source. RS 140:22. GS 152:4, 5. GL 166:4. 1889, 12:2; 55:2. PS 162:6. 1925, 143:7. PL 259:7. 1929, 176:1. RL 307:8. RSA 383:9. 1981, 173:3. 1985, 55:4, eff. April 23, 1985.
Section 383:9-a
383:9-a Joint Examination. –
The commissioner is authorized to arrange for a joint examination by the banking department and the primary federal regulator, including the Federal Deposit Insurance Corporation, the Federal Reserve Bank, Office of Thrift Supervision, Office of the Comptroller of the Currency, and the National Credit Union Administration, of the insured institution.
Source. 1957, 258:1. 2003, 165:1, eff. Aug. 16, 2003.
Section 383:9-b
383:9-b New Hampshire Charitable Foundation Common Trust Funds. –
The commissioner shall also have general supervision of any public common trust fund created by the New Hampshire Charitable Foundation. He may examine into the condition and management of such public common trust funds when necessary in his judgment. Whenever he shall conduct such an examination, he shall charge and collect from the public common trust fund examined, the cost of such examination computed by multiplying the average daily rate of pay of all examining personnel employed in making such examination by the number of full man days devoted to the examination, but such charges for any fiscal year shall in no event exceed 1/2 of one percent of the net income for that fiscal year of such examined fund.
Source. 1969, 447:5. 1992, 24:2, VIII, eff. April 3, 1992.
Section 383:9-c
383:9-c Educational Lending Institutions. –
The bank commissioner shall hear and investigate complaints against companies or corporations primarily engaged in the business of making loans to be used exclusively for the payment and assurance of payment of tuition and other expenses of formal education in institutions of higher learning.
Source. 1969, 498:1, eff. Sept. 1, 1969.
Section 383:9-d
383:9-d Examination of Highly Rated Institutions; Nondepository Trust Companies. –
I. The bank commissioner may, at his or her discretion, waive one 18-month examination requirement under RSA 383:9 every 6 years for institutions which have consistently been given high ratings in past examinations. The commissioner may also substitute for an 18-month examination once every 6 years a report of a federal institution examining agency whose reports regularly include a report on New Hampshire institutions. Within any 6-year period in which 4 18-month examinations are required under RSA 383:9, the commissioner may for highly rated institutions:
(a) Waive one examination;
(b) Substitute for one examination a report of a federal bank examining agency whose reports regularly include a report on New Hampshire banks; and
(c) Perform 2 examinations as required by 383:9.
II. The commissioner may, at his or her sole discretion, upon the written request of a highly-rated nondepository trust company, satisfy the examination requirement of RSA 383:9, including modifications under paragraph I, for such trust company through an off-premises examination of:
(a) An audit report satisfying the requirements of RSA 384:43, I and II if it is prepared in accordance with RSA 384:43, III(a) and (b), and a fiduciary audit conforming to applicable generally accepted auditing standards; and
(b) Such other records and information of the institution as may be required by the commissioner.
Source. 1985, 55:5. 2003, 165:2, eff. Aug. 16, 2003. 2006, 320:2, eff. Aug. 19, 2006.
Section 383:9-e
383:9-e Corporations as Small Business Lenders. –
If a corporation becomes a small business lender through any loan program by the United States Small Business Administration, which requires the corporation to meet banking requirements and to be examined at least annually by the New Hampshire banking department, an examination shall be made by the bank commissioner of the activities of the small business lender, and such reports shall be available to the United States Small Business Administration. The corporation shall not be deemed a banking institution, but shall be subject to the supervision, examination, control and enforcement authority of the bank commissioner under RSA 383 with regard to its loan portfolio. The bank commissioner shall make an annual report of the small business lender, and such report shall be available to the guarantying agency including the United States Small Business Administration. The corporation shall pay the cost of any such examination by the commissioner under RSA 383:11.
Source. 1993, 315:1, eff. Aug. 22, 1993.
Section 383:9-f
383:9-f Other Nonbank Lenders. –
If a municipal business and industrial development authority, a city development office, or a not-for-profit development organization becomes a small business lender through any program which requires that it be examined by the New Hampshire banking department, the authority or organization shall not be deemed a banking institution, but the New Hampshire banking department, upon written request from the organization, shall have the authority to examine and report on such authorities or organizations with regard to their loan portfolios. The cost of any such examination shall be paid by the authority or organization requesting the examination. This statute does not in any way permit or require that the bank commissioner examine these nonbank, non-Small Business Administration lenders, except when specifically requested to do so, in writing, by the nonbank lender to be examined.
Source. 1993, 315:1. 2000, 161:5, eff. July 22, 2000.
Section 383:9-g
383:9-g Bank Holding Companies. –
The bank commissioner shall also have general supervision of a corporation, partnership, limited partnership, limited liability company, limited liability corporation, business trust, or any other form of business entity organized under the laws of any jurisdiction which (i) beneficially owns, controls or holds the power to vote 25 percent or more of the voting stock of any federally chartered or state-chartered bank, commercial bank, savings bank, trust company, building and loan association, savings and loan association, cooperative bank, or similar banking organization doing business in the state of New Hampshire or (ii) possesses the power to control or controls the election of a majority of the directors of any such banking organization. For purposes of this section, such a business entity shall be referred to as a bank holding company. If a bank owns or controls another bank in the same manner as a bank holding company, it shall be deemed to be a bank holding company itself. The commissioner may require any bank holding company to furnish whichever reports the commissioner deems appropriate to the proper supervision of such bank holding company. Unless the commissioner determines otherwise, reports prepared for federal authorities may be submitted by such bank holding company in satisfaction of the requirements of this section. If such information and reports are inadequate in the commissioner's judgment for that purpose, the commissioner may examine such bank holding company and any of its subsidiaries doing business in New Hampshire. The proper charges which are incurred by reason of any such examination, including, but not limited to, examiner salaries and the benefits portion of such salaries, transportation, meals, lodging, and other associated costs, shall be paid by the bank holding company examined.
Source. 1995, 304:3. 1997, 194:1, eff. June 18, 1997.
Section 383:9-h
383:9-h Change in Control of Nondepository Financial Institution. –
No change in control of a nondepository financial institution shall occur without the prior approval of the bank commissioner. The term ""change of control'' shall mean the direct or indirect acquisition by a person or group of persons acting in concert of 10 percent or more of the beneficial ownership or control of the voting shares. The person or group seeking to acquire control of the nondepository financial institution shall submit an application and a $500 application fee to the bank commissioner for approval which shall contain such financial, business, experience, and other information as the bank commissioner shall require to determine whether such person or group is suitable to exercise control of a nondepository financial institution. Upon receipt of a complete application, the bank commissioner may hold a hearing on such application and shall make a decision within 60 days after receipt of the application.
Source. 1998, 139:1. 2004, 231:1, eff. June 11, 2004.
Section 383:10
383:10 Methods of Examination. –
Upon such examinations, he shall inspect the books of such institutions and their papers, notes, bonds, and other evidences of debt, and shall otherwise make such an examination as may be necessary to determine the true condition of the institutions and their ability to perform their engagements, and whether they have violated any provision of law.
Source. RS 140:22. GS 152:4, 5. GL 166:4. 1889, 12:2; 55:2. PS 162:6. 1925, 143:8. PL 259:8. RL 307:9.
Section 383:10-a
383:10-a Other Accountants or Experts. –
Whenever he considers it necessary the commissioner may engage the services of outside accountants or other experts to perform an audit or such further examination as he deems necessary, except that the engagement of legal services shall be with the approval of the attorney general. The compensation and expenses of such outside accountants or other experts shall be a charge against the examined institution and shall be paid directly by such institution.
Source. 1959, 199:7. 1991, 84:2, eff. July 12, 1991.
Section 383:10-b
383:10-b Confidential Information. –
All records of investigations and reports of examinations by the banking department, including any duly authenticated copy or copies thereof in the possession of any institution under the supervision of the bank commissioner, shall be confidential communications, shall not be subject to subpoena and shall not be made public unless, in the judgment of the commissioner, the ends of justice and the public advantage will be subserved by the publication thereof. The commissioner may furnish to the federal supervisory authorities and to independent insuring funds which he deems qualified such information and reports relating to the institutions under his supervision as he deems best. On motion for discovery filed in any court of competent jurisdiction, in aid of any pending action, the court, after hearing the parties, may order the production of such records, investigations and reports for use in such action whenever it is found that justice so requires, subject to such reasonable safeguards imposed by the court as may be necessary to prevent use by unauthorized persons or publicity of irrelevant portions thereof.
Source. 1965, 52:1. 1983, 194:1, eff. Aug. 14, 1983.
Section 383:10-c
383:10-c Qualifications of Bank Examiners. –
I. In the job description for bank examiners, the commissioner shall set out requirements relative to computer skills and data processing which job applicants shall meet.
II. The commissioner shall develop a formal written policy prohibiting bank commission examiners from performing outside work for bank directors, officers, or trustees or for banks, bank holding companies, nonbanks and near-banks.
Source. 1985, 55:6, eff. April 23, 1985.
Section 383:10-d
383:10-d Consumer Complaints and Restitution. –
The commissioner shall have exclusive authority and jurisdiction to investigate conduct that is or may be an unfair or deceptive act or practice under RSA 358-A and exempt under RSA 358-A:3, I or that may violate any of the provisions of Titles XXXV and XXXVI and administrative rules adopted thereunder. The commissioner may hold hearings relative to such conduct and may order restitution for a person or persons adversely affected by such conduct. The commissioner may request the assistance and services of the consumer protection and antitrust bureau of the department of justice. In the instance of conduct involving an alleged criminal offense, the commissioner shall refer to the department of justice all aspects relevant to the criminal investigation and prosecution of such matter.
Source. 1985, 55:6. 2004, 210:2, eff. Aug. 10, 2004.
Section 383:10-e
383:10-e Confidentiality of Consumer Complaints. –
The commissioner may disclose to the public the number and type of complaints or inquiries filed by consumers against a particular person or entity; provided, however, that no such disclosure shall abridge the confidentiality of consumer complaints or inquiries.
Source. 1994, 250:1, eff. June 2, 1994.
Section 383:10-f
383:10-f Consumer Complaint Administrator. –
The commissioner shall annually designate one person from within the banking department who shall administer and coordinate the commissioner's response to consumer complaints concerning conduct in trade or commerce licensed under Title XXXVI or RSA 361-A, or conduct which is alleged to be an unfair or deceptive practice under the provisions of RSA 383:10-d.
Source. 2004, 210:1, eff. Aug. 10, 2004.
Section 383:11
383:11 Payment of Cost of Examination. –
The bank commissioner shall, each fiscal year, charge and collect from the institutions, the condition and management of which he or she is required to examine under the provisions of RSA 383:9, and which he or she supervises under the provisions of RSA 361-A, RSA 397-A, RSA 397-B, RSA 399-A, RSA 399-D, and RSA 399-G, the total amount appropriated for the bank commissioner's department. Said sum shall be collected as follows:
I. From each such institution examined a sum equal to the product of the average daily rate of overall salary costs, including the benefits portion thereof, and expenses of all examining personnel employed in making examinations pursuant to the provisions of RSA 383:9, multiplied by the number of personnel days devoted to the examination of the particular institution, provided, however, that no such institution shall be charged or pay for less than one full day. Sums collected under this section shall be payable to the state treasurer as restricted revenue and credited, in accordance with the banking department's program appropriation unit designation, to the appropriation for the bank commissioner or the consumer credit administration division.
II. The balance of said sum remaining after the charges provided for in paragraph I have been deducted from the total sum shall be charged and collected as follows:
(a) From banks and credit unions. Each state-chartered savings bank, commercial bank, trust company, cooperative bank, building and loan association, credit union, Morris Plan bank, or similar institution required to be examined under the provisions of RSA 383:9 shall be charged and pay such proportion of said balance applicable to such institutions under the banking department's program appropriation unit designation, as its total assets bear to the total assets of all such institutions as shown by their reports to the commissioner as of June 30 preceding such charges, except that the percent of the fiduciary assets used in the calculation of the total assets of each institution and all such institutions shall be determined as follows:
(1) Fiduciary assets up to $5,000,000,000 shall be calculated at 25 percent;
(2) Fiduciary assets that are between $5,000,000,000 and $10,000,000,000, shall be calculated at 20 percent;
(3) Fiduciary assets that are between $10,000,000,000 and $15,000,000,000, shall be calculated at 15 percent;
(4) Fiduciary assets that are between $15,000,000,000 and $20,000,000,000, shall be calculated at 10 percent;
(5) Fiduciary assets that are between $20,000,000,000 and $25,000,000,000, shall be calculated at 5 percent;
(6) Fiduciary assets that are between $25,000,000,000 and $50,000,000,000, shall be calculated at 2.5 percent;
(7) Fiduciary assets that are $50,000,000,000 or more, shall be calculated at one percent.
(b) From non-depository lenders, debt adjusters, money transmitters, and brokers. Each licensee and registrant subject to the supervision of the bank commissioner under the provisions of RSA 397-A, RSA 397-B, RSA 399-A, RSA 399-D, RSA 399-G, and sales finance companies under RSA 361-A, shall be charged and shall pay such proportion of said balance applicable to the consumer credit administration division under the banking department's program appropriation unit designation as the gross revenue received from the total dollar volume of loans made, originated, funded, or brokered, or debt adjustment contracts entered into, or mortgage servicing fees received or money transmitted from each licensee's New Hampshire business bears to the total gross revenue received from the total dollar volume of all such loans made, originated, funded, or brokered, or debt adjustment contracts entered into, or mortgage servicing fees received, or money transmitted, from New Hampshire business by such licensees during the preceding calendar year ending December 31, as shown by their annual reports to the commissioner.
III. Payments of the charges provided for by paragraphs I and II shall be made within 60 days of receipt of the notice thereof.
IV. Any excess collected in any fiscal year under the provisions of this section shall be used to reduce the sum required to be collected in the next succeeding fiscal year.
Source. 1953, 248:1; 249:1. RSA 383:11. 1967, 101:2. 1971, 557:60. 1988, 220:3. 1989, 163:1. 1991, 84:3. 1994, 330:3, 4. 1995, 253:2; 283:4. 1997, 194:2. 1998, 139:2. 1999, 269:1. 2005, 255:44, eff. Sept. 12, 2005. 2006, 303:8, eff. Aug. 18, 2006. 2008, 205:12, 13, eff. Aug. 15, 2008.
Section 383:11-a
383:11-a Contract Services. –
The commissioner shall be authorized to enter into contracts with federal regulatory and insuring agencies to perform examinations of financial institutions, or to provide other services, and to receive monetary reimbursement for the costs incurred in providing such contract services. Contracts for services to be provided by the banking department under this section shall be reviewed and approved as to proper legal form by the department of justice. Sums collected for contracted services under this section shall be payable to the state treasurer as restricted revenue and credited to the appropriation for the bank commissioner.
Source. 1991, 84:4, eff. July 12, 1991.
Section 383:12
383:12 Oaths. –
The commissioner, the deputy commissioner, or any of the examiners may summon and examine under oath by him administered any officer, agent, or servant of any such institution or any other person in relation to the affairs and condition of the institution.
Source. RS 140:24. GS 152:6. GL 166:6. PS 162:7. 1925, 143:9. PL 259:9. RL 307:10. RSA 383:12. 1959, 199:8, eff. July 23, 1959.
Section 383:13
383:13 Bank Reports. –
I. The treasurers of all institutions under the supervision of the commissioner shall balance their books at the close of business on the last business day in December in each year, and within 30 calendar days thereafter shall make reports to the commissioner, upon blanks furnished by the commissioner, showing the true conditions of the institutions at that time. The commissioner shall prescribe what information the reports shall contain including those forms required by federal regulating agencies, and shall seasonably furnish blanks upon which they shall be made. Any institution which neglects to make said report within the time prescribed in this section shall forfeit to the state $25 for each day during which such neglect continues.
I-a. The treasurers of all banks, trust companies, guaranty savings banks, mutual savings banks, savings and loan associations, building and loan associations, cooperative banks and credit unions under the supervision of the commissioner shall balance their books at the close of business on the last business day in March, June and September each year, and within 30 calendar days, respectively, thereafter shall make reports to the commissioner in such form as he or she shall prescribe.
I-b. [Repealed.]
II. The commissioner shall adopt rules, pursuant to RSA 541-A, relative to information requirements and forms for bank reports.
Source. PS 162:8. 1897, 77:1. 1925, 143:10. PL 259:10. RL 307:11 RSA 383:13. 1961, 248:12. 1979, 99:1. 1985, 55:7. 1994, 250:2. 2003, 165:3, 11, eff. Aug. 16, 2003.
Section 383:13-a
383:13-a Requirement to Display Information. –
All financial institutions regulated by the bank commissioner shall provide information on its fees, charges, and products related to demand deposit accounts to the bank commissioner on a semi-annual basis. The bank commissioner shall compile and provide the information on a uniform matrix. All state-regulated financial institutions shall make available for distribution to the general public information on their demand deposit accounts on a uniform matrix developed by the bank commissioner. The uniform matrix developed by the bank commissioner shall be conspicuously placed in the lobby of each main office and branch of the institution located in this state, in order to enable the consumer to make intelligent choices among the institution's various demand deposit accounts and demand deposit account-related services. The bank commissioner shall adopt rules, pursuant to RSA 541-A, relative to the uniform matrix required under this section.
Source. 1997, 146:1, eff. Jan. 1, 1998.
Section 383:14
383:14 Fidelity Bond Coverage. –
I. Each institution under the supervision of the commissioner shall purchase fidelity bond coverage for protection or indemnity against losses from dishonest or criminal acts of officers, employees, and agents of the institution, and acts such as robbery, burglary, or forgery by persons not associated with the institution.
II. The commissioner shall adopt rules, pursuant to RSA 541-A, relative to fidelity bond coverage for the protection and indemnity of financial institutions under the commissioner's supervision.
Source. 1937, 106:1. RL 307:12. RSA 383:14. 1957, 19:1. 1985, 55:8. 1997, 194:8, eff. June 18, 1997.
Section 383:15
383:15 Commissioner's Reports. –
The commissioner shall file with the governor and council his or her annual report, which shall contain information concerning each institution under the commissioner's supervision. The report shall also give the names of the officers of each institution and such other information as he or she may deem necessary. The commissioner shall make such recommendations therein as he or she thinks will promote the public good.
Source. RS 140:22. GS 152:5. 1869, 4:9. GL 166:5. PS 162:9. 1897, 77:2. 1921, 67:1. 1925, 143:11. PL 259:11. RL 307:13. 1949, 20:1. 1973, 140:31. 2003, 165:4, eff. Aug. 16, 2003.
Section 383:16
383:16 Irregularities. –
If the commissioner, deputy commissioner, or any examiner shall make a false statement of the condition of any institution with the intent to deceive, or shall fail when examining any institution to make a full and careful examination, he shall be guilty of a class B felony.
Source. 1881, 103:1. PS 162:10. 1925, 143:12. PL 259:12. RL 307:14. RSA 383:16. 1959, 199:9. 1973, 528:264, eff. Oct. 31, 1973 at 11:59 p.m.
Section 383:17
383:17 Disposal of Papers. –
The commissioner may destroy any records, reports, or miscellaneous papers filed in his office which, in his opinion, are no longer of any value to the state.
Source. 1945, 40:1. 2004, 231:14, eff. June 11, 2004.
Section 383:18
383:18 Printing of Laws. –
The commissioner may have printed separate copies of the banking laws whenever, in his opinion, such copies are necessary.
Source. 1953, 46:1, eff. March 18, 1953.
Advisory Board
Section 383:19
383:19 Established. –
[Repealed 1985, 55:25, I, eff. April 23, 1985.]
Section 383:20
383:20 Appointment and Term. –
[Repealed 1985, 55:25, II, eff. April 23, 1985.]
Section 383:21
383:21 Compensation. –
[Repealed 1985, 55:25, III, eff. April 23, 1985.]
Public Deposit Investment Pool
Section 383:22
383:22 Public Deposit Investment Pool. –
I. The commissioner shall, with the assistance of the advisory committee created under RSA 383:24, establish and operate, beginning on January 1, 1992, a public deposit investment pool, for the purpose of investing funds of the state, and funds under the custody of governmental units, pooled risk management programs established pursuant to RSA 5-B, agencies, authorities, commissions, boards, political subdivisions and all other public units within or instrumentalities of the state.
II. The public deposit investment pool shall be operated under contract with a private investment advisor, approved by the bank commissioner and advisory committee. The commissioner and advisory committee shall choose an investment advisor by requesting proposals from advisors and reviewing such proposals based on criteria adopted by rule under RSA 383:23.
III. The commissioner shall make available to prospective depositors detailed information on the public deposit investment pool, similar to that information generally contained in a securities prospectus. The commissioner shall also ensure that periodic statements of accounts and reports on holdings are provided to pool participants relative to their proportionate share of the pool.
IV. The commissioner shall cause an independent audit of the pool to be conducted on an annual basis. The auditor shall be selected by the advisory committee.
Source. 1991, 268:1, eff. Aug. 9, 1991.
Section 383:23
383:23 Rulemaking. –
Prior to January 1, 1992, the commissioner shall, with the approval of the advisory committee, adopt rules, pursuant to RSA 541-A, relative to:
I. Formulation of a disclosure policy and materials to be included in a prospectus and in periodic reports to participants, including:
(a) A written statement of policy and pool objectives;
(b) Investment objectives designed to meet the pool objectives;
(c) A description of eligible investment instruments;
(d) The credit standard of investment;
(e) Allowable maturity range of investments;
(f) The limits of portfolio concentration permitted for each type of security;
(g) Safekeeping practices;
(h) Definition of pool participant eligibility;
(i) Disclosure of size of accounts, size of transactions and administrative costs; and
(j) Instructions for establishing and utilizing accounts.
II. Investment and administrative policies, practices and restrictions, including the frequency and method used for calculating valuation, yields and earnings.
III. Requests for proposals from investment managers and criteria for reviewing such proposals.
Source. 1991, 268:1, eff. Aug. 9, 1991.
Section 383:24
383:24 Advisory Committee. –
I. There is established an advisory committee on the public deposit investment pool, consisting of the following members:
(a) The state treasurer.
(b) The commissioner of the department of revenue administration or designee.
(c) Two members appointed by the New Hampshire Government Finance Officers Association.
(d) Two members appointed by the New Hampshire Bankers Association.
(e) One county finance officer appointed by the New Hampshire Association of Counties.
(f) One city finance officer, appointed by the New Hampshire Municipal Association.
(g) One school district finance officer, appointed by the New Hampshire School Boards Association.
II. The advisory committee shall assist and advise the commissioner on the establishment and operation of the investment pool, including:
(a) Formulating the disclosure policy.
(b) Determining eligible investment vehicles.
(c) Establishing performance standards.
(d) Monitoring the outflow of funds from financial institutions.
(e) Determining compliance with written investment policies.
(f) Conducting periodic reviews of the public deposit investment pool.
Source. 1991, 268:1, eff. Aug. 9, 1991.