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Financial Institutions Act | |
Savings and Loan Associations Act | |
Section 32 | Agreements committing assets to lines of credit -- Stock ownership or affiliation with credit card companies. |
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7-7-32. Agreements committing assets to lines of credit -- Stock ownership or
affiliation with credit card companies. An association may, subject to Section 7-7-33, commit its assets to lines of credit under credit agreements and credit card agreements with its credit card holders and with other credit card issuers, and pay and agree to pay obligations incurred in connection with those agreements, and become a member or stockholder of, or become otherwise affiliated with, any credit card corporation, association, or other issuer. The commissioner may, by rule, limit the percentage of assets that may be invested in such lines of credit, but the limitation may not be more restrictive than that of the Office of Thrift Supervision or successor federal agency for federally chartered associations.
Amended by Chapter 378, 2010 General Session |
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