It is unlawful for any unauthorized person to engage in the business of holding deposits or to represent that he is or is acting for a bank or to use an artificial or corporate name that purports to be or suggests that it is the name of a bank.
History: 1953 Comp., § 48-22-64, enacted by Laws 1963, ch. 305, § 64; 1997, ch. 23, § 8.
The 1997 amendment, effective July 1, 1997, substituted "holding deposits or" for "receiving deposits, discounting evidences of indebtedness or receiving money for transmission," and substituted "that" for "which" preceding "purports".
Am. Jur. 2d, A.L.R. and C.J.S. references. — 10 Am. Jur. 2d Banks § 25.
9 C.J.S. Banks and Banking §§ 19, 748.
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