La. Admin. Code tit. 10 § III-505
Current through Register Vol. 50, No. 12, December 20, 2024
Section III-505 - Regulation by CommissionerA. Each subsidiary mortgage corporation shall be subject to examination by the commissioner. If upon examination, the commissioner shall ascertain that the subsidiary is created or operated in violation of law or regulation, or that the manner of operation is detrimental to the business of the parent bank or its depositors, he may order the subsidiary to cease and desist from such violation or practice. In addition, if the mortgage corporation is a subsidiary of a state bank or a holding company owning a state bank, he may order the bank or holding company to divest itself of the subsidiary mortgage corporation. If the mortgage corporation is a subsidiary of a holding company that owns only national banks, he shall report his findings to the comptroller of the currency and the appropriate federal reserve bank.La. Admin. Code tit. 10, § III-505
Promulgated by the Department of Commerce, Office of Financial Institutions, LR 7:484 (October 1981), amended LR 13:739 (December 1987).AUTHORITY NOTE: Promulgated in accordance with R.S. 6:237(B).