§ 7.1004. Establishment of a loan production office by a national bank.
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/us/cfr/t12/s§ 7.1004·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(a)In general. A national bank or its operating subsidiary may engage in loan production activities at a site other than the main office or a branch of the bank. A national bank or its operating subsidiary may solicit loan customers, market loan products, assist persons in completing application forms and related documents to obtain a loan, originate and approve loans, make credit decisions regarding a loan application, and offer other lending-related services such as loan information and applications at a loan production office without violating 12 U.S.C. 36 and 12 U.S.C. 81, provided that “money” is not deemed to be “lent” at that site within the meaning of § 7.1003 and the site does not accept deposits or pay withdrawals.
(b)Services of other persons. A national bank may use the services of, and compensate, persons not employed by the bank in its loan production activities. [85 FR 83727, Dec. 22, 2020]
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§ 7.1004
Establishment of a loan production office by a national bank.
Fed. Reg.×5
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