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Current as of January 01, 2023 | Updated by FindLaw Staff
A. With the authorization of the commissioner of financial institutions, a foreign bank may, subject to approval from the Federal Reserve Board, establish a representative office in this state subject to the provisions of this Chapter and applicable federal law.
B. A representative office may engage in the following activities in this state:
(1) Promote and assist the deposit-taking, lending, or other financial or banking activities of a foreign bank.
(2) Serve as liaison in this state between a foreign bank and its existing or potential customers.
(3) Solicit business for the foreign bank and its subsidiaries and affiliates.
(4) Provide information to foreign bank customers concerning their accounts, answer questions, and receive applications for extensions of credit and other banking services, and transmit documents on behalf of customers.
(5) Make arrangements for customers to transact business on their accounts.
C. A representative office may not receive deposits, pay checks or other instruments, or make loans.
Cite this article: FindLaw.com - Louisiana Revised Statutes Tit. 6, § 551.14. State representative office; authorization; permitted activities - last updated January 01, 2023 | https://codes.findlaw.com/la/revised-statutes/la-rev-stat-tit-6-sect-551-14/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
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