RS 6:545

305 words·~1 min read·/la/title-6/6-389

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

RS 6:545

§545. Powers and functions

A. Financial service center banks shall have all of the powers and functions authorized in Part IV of Subchapter A of Chapter 3 of this Title, except that a financial service center bank or any subsidiary thereof may not:

(1)Make or purchase a loan or other extension of credit to a Louisiana borrower.

(2)Accept deposits from a Louisiana customer.

(3)Be the lessor of movable property to be initially located in this state.

(4)Perform trust services for a Louisiana customer.

(5)Perform discount brokerage services for a Louisiana customer.

(6)Advertise for loans, deposits, leases of movable property, trust or discount brokerage services, where such advertisements are primarily directed to Louisiana customers.

(7)Advertise in any manner, directly or indirectly, as being engaged in the business of banking in this state, unless such advertisements are primarily directed towards non-Louisiana residents or companies.

(8)Maintain teller windows or drive-up facilities at any location within this state.

(9)Own or operate electronic funds terminals at any location within this state.

B. Notwithstanding the provisions of R.S. 6:545(A)(1), a financial service center bank may purchase a participation interest in a loan or other extension of credit to a Louisiana borrower where such a participation interest is purchased from a bank or other lender domiciled outside of Louisiana or from a non-affiliated bank or savings and loan association with its principal offices in this state.

C. A financial service center bank may make a loan or other extension of credit to a non-Louisiana borrower that is secured by immovable or movable property located in Louisiana.

D. A financial service center bank may enter into agreements for sharing electronic funds terminals with financial institutions domiciled in this state, subject to the restrictions contained in R.S. 6:545(A)(9).

Acts 1987, No. 808, §1.