RS 6:551.17
147 words·~1 min read·
/la/title-6/6-724A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
RS 6:551.17
§551.17. State international banking facilities
A. Any branch or agency of a foreign bank, domestic bank, and any Edge Act or agreement corporation may establish and maintain a state international banking facility, subject to the authorization of the commissioner of financial institutions.
B. A state international banking facility is a separate set of accounts segregated on the books and records of such financial entity which includes only international time deposits and international loans, as well as income and expense accounts relating to its international loans and accounts.
C. An entity establishing a state international banking facility may accept deposits only in such facility from foreign residents, other international banking facilities, and other offices of the institution which created the state international banking facility. Deposits and extensions of credit shall be used only to support customer operations outside the United States.
Acts 2004, No. 420, §1.