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Can you summarize 6 LARS Chapter 5?
Banks and Banking > MISCELLANEOUS FINANCIAL INSTITUTIONS
Short Summary
This legal document pertains to Louisiana state-chartered banks, savings banks, savings and loan associations, and their wholly owned operating subsidiaries. It allows these financial institutions to open loan production offices after providing written notice to the commissioner. The commissioner has forty-five days to object, and if no objection is raised, the financial institution can proceed with opening the loan production office. The commissioner is empowered to promulgate rules, regulations, filing procedures, instructions, and fees related to loan production offices. Additionally, state-chartered banks, savings banks, and savings and loan associations can conduct permissible activities at loan production offices by complying with R.S. 6:242(C). This document does not mention any specific exemptions or penalties. This legal document also pertains to Louisiana state-chartered banks, savings banks, savings and loan associations, and their wholly owned operating subsidiaries. It allows these financial institutions to open deposit production offices, which are physically manned locations separate from their main or branch offices. Deposit production offices have the authority to solicit deposits, provide information about deposit products, and assist individuals in opening deposit accounts. Prior to opening a deposit production office, the financial institution must provide written notice to the commissioner, who has 45 days to object. If no objection is raised, the financial institution can proceed with opening the office. The commissioner is empowered to adopt rules, regulations, filing procedures, instructions, and fees related to deposit production offices. Additionally, state-chartered banks, savings banks, and savings and loan associations can conduct activities at deposit production offices that are permissible for national banks, subject to compliance with R.S. 6:242(C). According to the Louisiana Revised Statutes, any Louisiana state-chartered bank, savings bank, or savings and loan association is allowed to operate a loan production office, a deposit production office, and an electronic financial terminal, or any combination of these facilities, at the same location without being considered a branch. Prior to opening such combined offices, the financial institution must provide written notice to the commissioner. If the commissioner does not raise an objection within forty-five days, the financial institution can proceed with opening the combined office. If the commissioner raises an objection, they must notify the financial institution in writing about the nature of the objection. The document does not mention any specific penalties or exemptions.
Whom does it apply to?
Louisiana state-chartered banks, savings banks, savings and loan associations, and their wholly owned operating subsidiaries
What does it govern?
Louisiana state-chartered banks, savings banks, savings and loan associations, and their wholly owned operating subsidiaries
What are exemptions?
No specific exemptions are mentioned
What are the Penalties?
No specific penalties are mentioned
Jurisdiction
Louisiana