PART V. NONDEPOSITORY FINANCIAL SERVICES LOAN COMPANIES

 

§412:9-500  Prohibitions.  Except asotherwise expressly authorized by this chapter or other law, a nondepositoryfinancial services loan company shall not solicit, accept, or hold deposits,investment certificates, thrift certificates, or other accounts or instrumentsidentical or similar to a deposit account, nor shall it borrow money in theform of, or issue, promissory notes, debentures, bonds, or other obligations tothe public; provided that a nondepository financial services loan company mayborrow funds from, and issue its notes, debentures, bonds, or other obligationsto financial institutions and other institutional lenders and not more thantwenty-five institution-affiliated parties at any one time. [L 1993, c 350, ptof §1; am L 1996, c 9, §3]