חוק הבנקאות (רישוי) (תיקון מס' 22), התשע"ו-2016Law on Banking (Licensing) (Amendment No. 22), 2016 · automatic translation · suggest a correction

Official summary of the law (Knesset)

The Banking (Licensing) Law (Amendment No. 22), 2016 (hereinafter – the Amendment), was passed in its second and third readings on 3 August 2016. The Banking (Licensing) Law, 1981, authorizes the Supervisor of Banks to grant a banking corporation a permit to open a branch, as well as the authority to revoke this permit. The Amendment also authorizes the Supervisor of Banks, in appropriate cases, to prevent a banking corporation from closing one of its branches. The Amendment provides that a banking corporation wishing to close a permanent branch, meaning a branch that is not temporary, must submit a reasoned written request to the Supervisor of Banks (hereinafter – the Supervisor). The Supervisor will notify, within 30 days of receiving the request to close a branch, whether he agrees or objects to closing the branch, and he may condition the closure of the branch on conditions, including postponing the closure date. According to the Amendment, considerations that the Supervisor takes into account when deciding whether to grant a branch permit, including considerations of the public interest, will also be taken into account when deciding on a request to close a branch. The Amendment also provides that if a decision is made approving the closure of a permanent branch, the banking corporation must notify its customers in writing, as well as through the methods it customarily uses to deliver notices to those customers, and may close the branch only after 60 days have passed from the date the notice was delivered to customers. The Amendment provides that the Supervisor may impose a civil fine on a banking corporation that violates the provisions of the Law in this matter. The Amendment will enter into force on the date of its publication.

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