La. Admin. Code tit. 19, § VII-7211 - Establishing a Loss Reserve Account
A. Upon the execution of the agreement with
the participating financial institution, the lender shall establish a loss
reserve account to receive all fees from the borrower and the lender. The
lender's loss reserve account shall be domiciled with a financial institution
in the form of an insured, interest-bearing deposit in accordance with
statutory requirements.
B. LEDC's
loss reserve account will be established as an account controlled by
LEDC.
Notes
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