(a)

(1) Subject to this chapter and to the approval of the commissioner, any domestic lender, foreign lender, or holding company, including a domestic holding company, may organize, own, and control a credit card state bank on the terms and conditions provided in this part. Notwithstanding § 45-2-607(11), a state bank may own up to one hundred percent (100%) of the shares of a credit card state bank.

(2) Effective July 1, 2020, the language “, including a domestic holding company,” in subdivision (a)(1) is hereby deleted. However, any company that organized pursuant to such language, § 45-2-1901(3)(A)(ii) or (3)(B), and this part prior to July 1, 2020, and that continues to own or control a credit card state bank after July 1, 2020, shall retain authority to own or control a credit card state bank under the terms and conditions provided in this part.

(b) If the credit card bank is to be organized under the laws of this state, the bank shall be organized as provided in this chapter, and the commissioner shall supervise, regulate, examine, and exercise enforcement authority as provided for in this chapter and chapter 1 of this title, and all applicable rules and regulations, to the extent the commissioner deems applicable to the entities. The credit card state bank shall at all times maintain capital stock and paid-in surplus of not less than two million dollars ($2,000,000).

(c) In connection with the application to organize, own, and control a credit card state bank, the applicant shall pay a filing fee in an amount determined by rule by the commissioner.

(d) A credit card state bank shall:

(1)

(A) Engage only in credit or debit, including prepaid debit, card operations or the making of loans;

(B) Effective July 1, 2020, the language “or debit, including prepaid debit,” in subdivision (d)(1)(A) is hereby deleted. However, any company that organized pursuant to such language, § 45-2-1901(3)(A)(ii) or (3)(B), and this part prior to July 1, 2020, and that continues to own or control a credit card state bank after July 1, 2020, shall retain authority to own or control a credit card state bank under the terms and conditions provided in this part;

(2) Not accept demand deposits or deposits that the depositor may withdraw by check or similar means for payment to third parties or others;

(3) Not accept any savings or time deposits of less than one hundred thousand dollars ($100,000);

(4) Maintain only one (1) office that accepts deposits; and

(5)

(A) If in existence on May 17, 1999, not engage in the business of making commercial loans, unless the charter is amended to include a provision electing to engage in commercial lending; or

(B) If organized on or after May 17, 1999, not engage in the business of making commercial loans, unless the charter contains a provision or is subsequently amended to include a provision electing to engage in commercial lending.

(e) A credit card state bank, unless the subsidiary of a domestic lender or domestic holding company, shall either:

(1) Have, within one (1) year of the date it commences operations, fifty (50) employees located in this state devoted to the credit card activities contemplated by this part; or

(2) Contract with a qualifying organization for the performance of the services.

(f) A credit card state bank may issue credit in accordance with §§ 45-2-1903 — 45-2-1908.

(g) A domestic lender is not required to establish a credit card state bank in order to issue credit cards, create credit card accounts and make loans, but may itself issue credit cards, create credit card accounts and make loans in accordance with §§ 45-2-1903 — 45-2-1908, or as otherwise permitted by law.