(a) It is unlawful for a licensee to conduct the business of making loans under this chapter within any office, room, or place of business in which any other business is solicited or engaged in, or in association or conjunction therewith, except as is authorized in writing by the Board upon the Board’s finding that the character of the other business is such that the granting of the authority would not facilitate evasions of this chapter or of regulations made pursuant to this chapter. An authorization once granted remains in effect until revoked by the Board.
(b) The products or services of an affiliated corporation of the licensee that is a supervised financial institution, or a parent or subsidiary of a supervised financial institution that is an affiliate of the licensee, may be provided, offered, or sold at the licensed location of the licensee without authorization by the Board pursuant to subsection (a) if:(1) the activity is not prohibited by, or in violation of, the laws applicable to the affiliate or supervised financial institution, and(2) the products and services are not offered and sold in a manner that restricts the ability of the borrower or customer to individually select or reject a product or service that is offered.
(1) the activity is not prohibited by, or in violation of, the laws applicable to the affiliate or supervised financial institution, and
(2) the products and services are not offered and sold in a manner that restricts the ability of the borrower or customer to individually select or reject a product or service that is offered.
(c) The following definitions govern the construction of this section:(1) “Affiliated” or “affiliate” means the following: A corporation is an affiliate of, or a corporation is affiliated with, another specified corporation if it directly, or indirectly through one or more intermediaries, controls, is controlled by, or is under common control with, the other specified corporation.(2) “Supervised financial institution” means any commercial bank, industrial bank, credit card bank, trust company, savings and loan association, savings bank, federal credit union, Virgin Islands finance lender, residential mortgage lender or servicer, or insurer subject to supervision by an official or agency of the state or territory of the United States.
(1) “Affiliated” or “affiliate” means the following: A corporation is an affiliate of, or a corporation is affiliated with, another specified corporation if it directly, or indirectly through one or more intermediaries, controls, is controlled by, or is under common control with, the other specified corporation.
(2) “Supervised financial institution” means any commercial bank, industrial bank, credit card bank, trust company, savings and loan association, savings bank, federal credit union, Virgin Islands finance lender, residential mortgage lender or servicer, or insurer subject to supervision by an official or agency of the state or territory of the United States.