1. A. Although the pool may be considered as individual loans for legal lending limit purposes, the bank shall also review the financial condition of the seller on a regular basis, including condition at purchase date, on those agreements where full or partial recourse exists.
2. B. The bank shall take steps to ensure its compliance with the above criteria and maintain separately the necessary documentation of such for each pool being considered for purchase.
3. C. Effective Date. This rule shall become effective upon publication in the Louisiana Register.

Authority Note

AUTHORITY NOTE: Promulgated in accordance with Act 1129 of 1992.

Historical Note

HISTORICAL NOTE: Promulgated by the Department of Economic Development, Office of Financial Institutions, LR 19:38 (January 1993).