(1) As used in this section:

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(a) ‘Bank’ means any banking institution, out-of-state state bank, out-of-state federal bank, national bank or extranational institution that engages in banking business in this state.

(b) ‘Banking day’ means any day that is not an optional bank holiday.

(c) ‘Emergency’ means any condition or occurrence that may interfere with conducting normal business operations at one or more of a bank’s offices, or that poses an imminent or existing threat to the safety or security of persons or property.

(d) ‘Open for conducting banking business’ means the office or offices of a bank are open to the public for carrying on substantially all business functions of the bank.

(e) ‘Optional bank holiday’ means:

(A) Each Saturday and Sunday.

(B) New Year’s Day on January 1.

(C) Martin Luther King, Jr.’s birthday on the third Monday in January.

(D) Presidents Day on the third Monday in February.

(E) Memorial Day on the last Monday in May.

(F) Independence Day on July 4.

(G) Labor Day on the first Monday in September.

(H) Columbus Day on the second Monday in October.

(I) Veterans Day on November 11.

(J) Thanksgiving Day on the fourth Thursday in November.

(K) Christmas Day on December 25.

(2) A bank may observe an optional bank holiday, other than a Saturday, that falls on a Saturday on the Saturday or on the preceding Friday. A bank may observe an optional bank holiday, other than a Sunday, that falls on a Sunday on the Sunday or on the succeeding Monday.

(3) Except as otherwise provided in this section, a bank shall be open for conducting banking business on each banking day.

(4) Any bank may remain closed on any optional bank holiday with respect to all or any of the bank’s banking and other functions.

(5) Subject to any applicable federal law or regulation, a bank may close an office for any part or all of a banking day if the times or days which the office is open are posted on the premises of the office.

(6) If the Director of the Department of Consumer and Business Services determines that an emergency exists, the director may authorize a bank to close the bank’s principal office or branch that the emergency affects. The office or branch may remain closed until the director determines that the emergency has ended and for such further time thereafter as the bank may reasonably require to prepare the office or branch to reopen.

(7) If the officers of a bank determine that an emergency exists that affects the principal office or a branch of the bank, the officers may close the office or branch without the director’s approval for a period not to exceed 48 hours, excluding holidays, during the continuation of the emergency. A bank that closes an office or branch under this subsection shall give prompt notice of the bank’s action to the director, or in the case of a national bank, to the Comptroller of the Currency.

(8) The principal officers of a bank may close the principal office or any branch of the bank on any day designated, by proclamation of the President of the United States or the Governor of this state, as a day of mourning, rejoicing, or other special observance.

(9) If an obligation that is payable at, by or through a bank falls due on a day on which the bank remains closed under this section, the obligation is due and payable on the next banking day on which the bank is open. Any act authorized, required or permitted to be performed at, by or with respect to any bank on a day on which the bank remains closed may be performed on the next banking day on which the bank is open, without liability or a loss of rights of any kind as a result of the closing. [1997 c.631 § 1c; 1999 c.59 § 218; 2015 c.244 § 73]