As used in this act, an “industrial loan company” or “industrial bank” means a company that is chartered by another state to make consumer loans or commercial loans or to accept deposits insured by the Federal Deposit Insurance Corporation but not to accept demand deposits and that is not subject to the Bank Holding Company Act of 1987 or to supervision by the Federal Reserve System.
Added by Laws 2006, c. 235, § 2, emerg. eff. June 6, 2006.