Sec. 5. A financial institution or any of its subsidiaries may acquire or establish a nonqualifying subsidiary by submitting an application to the department containing: (1) a complete description of the financial institution's investment in the subsidiary; (2) the activity to be conducted; and (3) a representation that the activity: (A) could be performed by a financial institution under statutory authority of this title; (B) is a part of or incidental to the business of banking as determined by the director; or (C) has been authorized as "activity eligible for notice" procedures under 12 CFR 5.34(e). The department shall notify the requesting financial institution of the department's receipt of the application.
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