PART IV. DEPOSITORY FINANCIAL SERVICES LOAN COMPANIES

 

§412:9-400  Special powers of a depositoryfinancial services loan company.  In addition to the powers granted inparts 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 anyperson, whether or not a resident of or domiciled in this State, and issuedocuments evidencing the accounts; provided that a depository financialservices loan company shall not solicit, accept, or hold demand deposits orauthorize a depositor to make transfers by check, draft, debit card, negotiableorder of withdrawal, or similar order, payable to third parties;

(2)  Sell fixed rate annuities and collect premiumsand fees for the sale or referral of those fixed rate annuities, if the writtenapproval of the commissioner is first obtained.  The depository financialservices loan company shall comply with all applicable requirements of chapter431.  Sales shall be made by a producer licensed pursuant to chapter 431.  Inapproving any request to sell or refer fixed rate annuities pursuant to thisparagraph, the commissioner may impose conditions and restrictions that are inthe public interest; and

(3)  Offer gifts, premiums, other considerations, orpromotional items to solicit deposits.  Premiums may be offered in lieu of allor 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]