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Current as of January 01, 2023 | Updated by Findlaw Staff
A. Any branch or agency of a foreign bank, domestic bank, and any Edge Act 1 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.
Cite this article: FindLaw.com - Louisiana Revised Statutes Tit. 6, § 551.17. State international banking facilities - last updated January 01, 2023 | https://codes.findlaw.com/la/revised-statutes/la-rev-stat-tit-6-sect-551-17/
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