La. Admin. Code tit. 10 § IX-301
Current through Register Vol. 50, No. 11, November 20, 2024
Section IX-301 - Credit Union Service ContractsA. A state-chartered credit union may act as a representative of and enter into a contractual agreement with one or more credit unions or other organizations for the purpose of sharing, utilizing, renting, leasing, purchasing, selling, and/or joint ownership of fixed assets or engaging in activities and/or services which relate to the daily operations of credit unions. Agreements must be in writing, and shall clearly state that the Commissioner of Financial Institutions, or his representative, will have complete access to any books and records of the credit union service organization as deemed necessary in carrying out his responsibilities under the Louisiana Credit Union Law.B. If any agreement requires, the payment in advance of the actual or estimated charges for more than three months, such payment shall be deemed an investment in a credit union service organization and subject to the limitations delineated in R.S. 6:644(B)(3)(d) and R.S. 6:656(A)(4).La. Admin. Code tit. 10, § IX-301
Promulgated by the Department of Economic Development, Office of Financial Institutions, LR 20:1093 (October 1994).AUTHORITY NOTE: Promulgated in accordance with R.S. 6:121(B)(1).