PART V. NONDEPOSITORY FINANCIAL SERVICES LOAN COMPANIES

 

412:9-500 Prohibitions. Except as otherwise expressly authorized by this chapter or other law, a nondepository financial services loan company shall not solicit, accept, or hold deposits, investment certificates, thrift certificates, or other accounts or instruments identical or similar to a deposit account, nor shall it borrow money in the form of, or issue, promissory notes, debentures, bonds, or other obligations to the public; provided that a nondepository financial services loan company may borrow funds from, and issue its notes, debentures, bonds, or other obligations to financial institutions and other institutional lenders and not more than twenty-five institution-affiliated parties at any one time. [L 1993, c 350, pt of 1; am L 1996, c 9, 3]

 

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