362.950.  Affiliated entity of holding companies, transactions authorized — out-of-state transactions. — 1.  Notwithstanding any other law to the contrary, any bank or trust company is authorized to conduct at the main banking house or any branch of such bank or trust company any one or more of the following transactions if so authorized by such affiliated entity:

  (1)  Receiving deposits from, or renewing deposits of, customers of such affiliated entity;

  (2)  Cashing or issuing checks, drafts or money orders for the account of customers of such affiliated entity;

  (3)  Closing and servicing loans and receiving loan payments and other payments due from customers of such affiliated entity.

  2.  Any bank or trust company intending to conduct or to authorize an affiliated entity to conduct any such transactions shall provide not less than thirty days' prior written notice thereof to the director of the division of finance.

  3.  For purposes of this section, the term "affiliated entity" means any bank or trust company of which at least eighty percent of the voting stock is owned or otherwise controlled, directly or indirectly, by a bank holding company, any individual or a group of individuals, or any other legal entity which also owns or otherwise controls, directly or indirectly, eighty percent of the voting stock of the bank or trust company conducting any such transactions.

  4.  Any bank or trust company may enter into an agreement with one or more out-of-state banks, trust companies, or both banks and trust companies, as a principal, agent, or both principal and agent, for the transactions authorized in this section.  The provisions of this subsection are enacted to authorize state chartered banks and trust companies the same interstate agency authority that a national banking association is provided in Title I, Section 101, of the Reigle-Neal Interstate Banking and Branching Efficiency Act of 1994, Public Law 103-328.