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Can you summarize 5 DECO Chapter 15?
Banks and Trust Companies > CREDIT CARD INSTITUTIONS
Short Summary
This legal document governs the powers, conditions, and prohibitions for credit card institutions formed under the Delaware Code. These institutions are limited to engaging in credit card operations and accepting deposits of money. The document outlines the powers that these corporations can exercise, including the ability to sue and be sued, hold and purchase property, borrow money, accept deposits, engage in credit card operations, and own subsidiary corporations. However, there are limitations on the powers of credit card institutions, such as not being able to act as a fiduciary, make commercial loans for business purposes, accept demand deposits, or engage in prohibited businesses. The document does not mention any specific penalties for non-compliance or violations. Overall, it provides a framework for the operations and limitations of credit card institutions in Delaware.
Whom does it apply to?
Credit card institutions formed under the Delaware Code
What does it govern?
Powers, conditions, and prohibitions for credit card institutions formed under the Delaware Code
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No specific penalties are mentioned.
Jurisdiction
Delaware