RS 6:542 Definitions - Louisiana Statutes

§542.  Definitions

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.

Acts 1987, No. 808, §1.