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Can you summarize LAAC Title 10, Part IX?
Financial Institutions, Consumer Credit, Investment Securities and UCC (Last Amended Date: February 2023) > Credit Unions
Short Summary
The provided legal documents, which are part of the Louisiana Administrative Code, govern the regulations and guidelines related to financial institutions, consumer credit, investment securities, and the Uniform Commercial Code (UCC) as they apply to credit unions operating in Louisiana. These documents cover various aspects of credit union organization and operation, including chartering and field of membership, bylaws, interest refunds, contractual agreements, provision of services, inspection of records, fees, employee benefits, suretyship or guaranty agreements, loans and lines of credit, loan participations, purchase and sale of eligible obligations, loans to other credit unions, nondiscrimination in real estate-related loans, acceptance of payments on shares, reimbursement and indemnification of officials and employees, low-income status designation, occupancy and disposal of premises, Treasury tax and loan depositaries, borrowing of funds, statutory lien on shares and dividends, authorities and duties of directors, notification of proposed changes, share accounts, and chartering and field of membership policies. The documents provide guidelines and criteria for credit unions seeking to organize within residential groups and add associational groups. They outline the requirements for credit unions to demonstrate unifying characteristics and meet safety and soundness criteria when applying for a residential group common bond. The documents also mention the possibility of revised loan and collection policies, as well as policies related to asset/liability management for credit unions with a residential group common bond. No specific exemptions or penalties are mentioned in these documents. For detailed information on exemptions and penalties, it is recommended to refer to the relevant laws and regulations.
Whom does it apply to?
Credit unions operating in Louisiana
What does it govern?
Regulations and guidelines related to financial institutions, consumer credit, investment securities, and the Uniform Commercial Code (UCC)
What are exemptions?
No specific exemptions are mentioned in these documents
What are the Penalties?
No specific penalties are mentioned in these documents
Jurisdiction
Louisiana