Financial Institutions

Regulatory Oversight

SECTION 19-4-10

§ 19-4-10. Insurance of deposits.

Any regulated institution permitted by law to receive deposits, except a financial institution prevented from accepting deposits by its bylaws or agreement to form, shall maintain federal deposit insurance. Failure to maintain federal deposit insurance shall be deemed sufficient cause for the director, or the director's designee, to revoke the agreement to form or right to do business of the noncomplying regulated institution.

History of Section.
(P.L. 1995, ch. 82, § 42.)