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Louisiana Revised Statutes Tit. 6, § 542. Definitions

Current as of January 01, 2023 | Updated by Findlaw Staff

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.

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Cite this article: FindLaw.com - Louisiana Revised Statutes Tit. 6, § 542. Definitions - last updated January 01, 2023 | https://codes.findlaw.com/la/revised-statutes/la-rev-stat-tit-6-sect-542/

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