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 shall not be more restrictive
than that of the Office of Thrift Supervision or successor federal agency for federally chartered
associations.
Amended by Chapter 200, 1994 General Session
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Last revised: Thursday, May 28, 2009