La. Admin. Code tit. 10 § V-1507

Current through Register Vol. 50, No. 11, November 20, 2024

Section V-1507 - Pre-Authorized Subsidiary Investments

A. Pre-authorized activities of a subsidiary corporation, performed directly or through one or more wholly owned subsidiaries or joint ventures shall consist of one or more of the following:

1. loan origination, purchasing, selling and servicing;

2. acquisition of unimproved real estate lots and other unimproved real estate for the purpose of prompt development and subdividing;

3. development and subdivision of and construction of improvements, including improvements to be used for commercial or community purposes when incidental to a housing project, for sale or for rental on, real estate referred to in §1507. A 2;

4. acquisition of improved residential real estate and mobile home lots to be held for sale or rental;

5. acquisition of improved residential real estate for remodeling, rehabilitation, modernization, renovation, or demolition and rebuilding for sale or for rental;

6. engage in real estate brokerage services if real estate laws, rules and regulations are complied with;

7. serving as an insurance broker, agent, or underwriter if insurance law, rules and regulations are complied with;

8. serving as a title insurance company if insurance laws, rules and regulations are complied with;

9. preparation of state and federal tax returns;

10. acquisition of real estate to be used for association offices and related facilities;

11. partial or complete ownership of computer center that provides services for the parent association and others;

12. make consumer loans as outlined in R.S. 9:3510, et seq;

13. perform debt collection services;

14. issue letters of credit as part of their commercial lending;

15. operate coin and currency services by contracting with Federal Reserve banks or commercial banks to make coin and currency available. This includes delivery and security arrangements;

16. engage in the leasing of consumer and business goods;

17. a subsidiary may act as agent for the parent association except that it shall not receive payments on new or established savings accounts, nor shall it perform any duties for the association other than those specifically authorized herein;

18. other activities which may be approved by the commissioner.

La. Admin. Code tit. 10, § V-1507

Promulgated by the Department of Commerce, Office of Financial Institutions, LR 6:541 (September 1980), amended LR 8:471 (September 1982).

AUTHORITY NOTE: Promulgated in accordance with R.S. 6:902(B).