2011 Louisiana Laws
Revised Statutes
TITLE 6 — Banks and banking
RS 6:542 — Definitions
§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.
Disclaimer: These codes may not be the most recent version. Louisiana may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
