Act 1980
Federated States of Micronesia Bank Act of 1980 (Title 29, Commercial Banking, FSM Code)
Issued by Banking Board of the Federated States of Micronesia
Plain-English summary
Requires a licence to accept deposits in the FSM or to use the word "bank" (§ 104(1)), and limits licensees to banking business at locations the Banking Board authorises (§ 104(2)). The Banking Board is established under § 201 and the Banking Commissioner appointed under § 206. Only Chapter 1 was opened; licensing, supervision and penalty chapters were not read.
Who it applies to
Banking
Topics
Prudential & Capital
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