Section 39C Branch de novo; purchase of branch without purchasing bank; applicable laws - Massachusetts Statutes

Section 39C. A foreign bank, out-of-state bank, or out-of-state federal bank, if such bank does not operate a branch in the commonwealth, may, upon approval by the commissioner of an application thereof in prescribed manner and form and in accordance with the requirements of section thirty-nine B, establish and maintain a branch de novo in the commonwealth or may purchase a branch of a Massachusetts bank without purchasing the bank; provided, however, that in each instance the laws of the jurisdiction in which such bank has its principal place of business expressly authorize, under conditions no more restrictive than those imposed by this chapter as so determined by the commissioner, a Massachusetts bank to establish therein a branch de novo or to acquire a branch of a bank without acquiring the bank. Any such foreign bank or out-of-state bank shall operate the same as a Massachusetts branch under the supervision of the commissioner and in accordance with all applicable laws which govern such activities by Massachusetts banks.

Any out-of-state federal bank shall operate the same as a federal branch which shall be subject to all laws of the commonwealth relative to community reinvestment, consumer protection, fair lending, establishment of intra-state branches, and the application or administration of any tax or method of taxation including, but not limited to, sections one to fourteen A, inclusive, of chapter ninety-three, and the applicable sections of chapters ninety-three A, one hundred and sixty-seven to one hundred and sixty-seven G, inclusive, chapter one hundred and eighty-three and chapter one hundred and eighty-four, including all rules and regulations promulgated thereunder, and to such other laws of the commonwealth as are applicable to a national bank with its main office in the commonwealth.