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Pennsylvania Statutes Title 7 P.S. Banks and Banking § 805. Prohibition of adoption, use or advertisement of certain names, titles and descriptions

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

(a) Deceptive names.--No person shall adopt, use or advertise any name, title or description which is deceptively similar to the name of an institution subject to this act.

(b) Use of “bank”, “banking” or “trust”.--No person engaged in a financial business and having an office located in Pennsylvania shall adopt, use or advertise any name, title or description which contains any of the words “bank”, “banking”, “banker” or “trust” or the plural of any of such words except:

(i) an institution subject to this act,

(ii) a Federal Reserve Bank,

(iii) a national bank,

(iv) a Federal Intermediate Credit Bank, Federal Land Bank, Federal Home Loan Bank or a Bank for Cooperatives,

(v) the International Bank for Reconstruction and Development,

(vi) the Inter-American Development Bank, or

(vii) a Pennsylvania bank holding company.

(c) Names in prior use.--A person may, without regard to the provisions of subsections (a) and (b) of this section, use:

(i) its name legally in use on the effective date of this act, or

(ii) in the case of a corporation, a name legally in use on the effective date of this act by another corporation which is adopted by the resulting corporation in a plan of merger or consolidation to which the corporation using the name is a party.

(d) Duty of Department of State.--The Department of State shall not approve as a corporate name, or register as a fictitious name, any name which would violate the provisions of this chapter.

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Cite this article: FindLaw.com - Pennsylvania Statutes Title 7 P.S. Banks and Banking § 805. Prohibition of adoption, use or advertisement of certain names, titles and descriptions - last updated January 01, 2025 | https://codes.findlaw.com/pa/title-7-ps-banks-and-banking/pa-st-sect-7-805/

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