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Pennsylvania Statutes Title 7 P.S. Banks and Banking § 6454. Protection of depositors

Current as of January 01, 2025 | Updated by Findlaw Staff

(a) If the department is aware of facts which lead it to believe that any private bank subject to its regulation is in or is approaching financial difficulty, it shall immediately notify PDIC. If PDIC determines that any member has failed or is in danger of failing to meet its obligations to depositors, PDIC, upon notice to such member, shall immediately notify the department.

(b) The provisions of the act of May 15, 1933 (P.L. 565, No. 111),  1 known as the “Department of Banking Code,” shall cover the liquidation of any member.

1 71 P.S. § 733-1 et seq.
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Cite this article: FindLaw.com - Pennsylvania Statutes Title 7 P.S. Banks and Banking § 6454. Protection of depositors - last updated January 01, 2025 | https://codes.findlaw.com/pa/title-7-ps-banks-and-banking/pa-st-sect-7-6454/

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