Current with changes from the 2024 legislative session effective on or before 7/1/2024, from Acts 2,3, 6-535, and 580-647
Section 6:542 - DefinitionsThe 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.