§542. Definitions
The following definitions shall apply for purposes of this Part:
(1) "Bank" means a banking or similar corporation organized under the banking or currency laws of the United States of America or of this state which:
(a) Makes commercial or consumer loans; or
(b) Accepts deposits; and
(c) Is eligible for insurance by the Federal Deposit Insurance Corporation.
(2) "Bank holding company" means "bank holding company" as defined in R.S. 6:512(A)(1) and includes bank holding companies domiciled in other states.
(3) "Financial service center bank" means a bank organized and operating in accordance with the provisions of this Part.
(4)(a) "Louisiana borrower" or "Louisiana customer" means any of the following:
(i) A person domiciled in Louisiana.
(ii) A corporation, partnership, or trust organized under Louisiana law.
(iii) A corporation, partnership, or trust organized under the laws of another state which has its principal offices in Louisiana.
(iv) A Louisiana governmental agency or instrumentality.
(b) "Louisiana borrower" does not include a Louisiana guarantor of a loan to a borrower domiciled outside of Louisiana or an employee of the financial service center bank.
(5) "Resident" means anyone living in Louisiana at the time of acquiring a license of institution.
Acts 1987, No. 808, §1.
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal plans you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with easy access to affordable legal services through a network of independent law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our network law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your network law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal plans, and access to the LegalFix networks of law firms are subject to the LegalFix Terms of Service and Privacy Policy.