Section 6.04. Clerical and accounting services.

  Upon specific authorization of its board of directors, an association may cause to be performed any of the following services for itself, whether on or off its premises, by another person for a fee, if assurances satisfactory to the division are furnished to the division by both the association and the party performing the services, that performance will be subject to regulation and examination by the division to the same extent as if the services were performed by the association on its own premises:

(1)  The posting of payments, withdrawals, computation and distribution of earnings on accounts;

(2)  The posting of entries on accounts of borrowers, the posting of payments and credits thereon, and the computation of interest and other charges thereon and the computation of the contractual status of loan accounts;

(3)  The preparations and mailing of checks, statements, notices and similar items; or

(4)  Any other clerical, bookkeeping, accounting, statistical or similar functions.

History: Cr. Register, June, 1989, No. 402 , eff. 7-1-89.