Louisiana Revised Statutes 6:542 – Definitions
Terms Used In Louisiana Revised Statutes 6:542
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Guarantor: A party who agrees to be responsible for the payment of another party's debts should that party default. Source: OCC
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
The 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 La. Rev. Stat. 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.
Acts 1987, No. 808, §1.