PART IV. 
DEPOSITORY FINANCIAL SERVICES LOAN COMPANIES



 



§412:9-400  Special powers of a depository
financial services loan company.  In addition to the powers granted in
parts II and III of this article, depository financial services loan companies,
but not nondepository financial services loan companies, shall have the right,
power, and privilege to:



(1)  Solicit, accept, and hold deposits from any
person, whether or not a resident of or domiciled in this State, and issue
documents evidencing the accounts; provided that a depository financial
services loan company shall not solicit, accept, or hold demand deposits or
authorize a depositor to make transfers by check, draft, debit card, negotiable
order of withdrawal, or similar order, payable to third parties;



(2)  Sell fixed rate annuities and collect premiums
and fees for the sale or referral of those fixed rate annuities, if the written
approval of the commissioner is first obtained.  The depository financial
services loan company shall comply with all applicable requirements of chapter
431.  Sales shall be made by a producer licensed pursuant to chapter 431.  In
approving any request to sell or refer fixed rate annuities pursuant to this
paragraph, the commissioner may impose conditions and restrictions that are in
the public interest; and



(3)  Offer gifts, premiums, other considerations, or
promotional items to solicit deposits.  Premiums may be offered in lieu of all
or part of the interest on deposits. [L 1993, c 350, pt of §1; am L 1996, c 9,
§2; am L 2003, c 212, §13]