9-702.   Banking defined.Any individual, firm or corporation, except a national bank or studentbank, who shallreceive money on deposit, whether on certificates or subject to check, orany individual, firm or corporation, except railroad, transoceanicsteamship, air transport, telegraph or Morris plan companies, buildingand savings and loan associations, national banks, studentbanks or express companies engaged in an international financial andtravel business orcredit unions,which shall receive money for which it issues its check, draft, bill ofexchange, or other evidence of indebtedness for which it charges a fee,shall be considered as doing a banking business, and shall be amenable toall the provisions of this act.Promissory notes issuedfor money received on deposit shall be consideredcertificates of deposit for the purposes of this act.

      History:   L. 1947, ch. 102, § 2; L. 1972, ch. 57, § 5;L. 1995, ch. 31, § 2; Mar. 30.