Sec. 16-2.11. Definition of a loan production office

(a) A loan production office is an office whose activities are limited to:

(1) soliciting loans on behalf of the bank, and in connection with such solicitation:

(i) assembling credit information;

(ii) making property inspections and appraisals;

(iii) securing title information; and

(iv) preparing applications for such loans (including making recommendations with respect to action thereon);

(2) soliciting investors to purchase loans from the bank;

(3) searching for investors to contract with the bank for the servicing of such loans; and

(4) engaging in other similar agent-type activities.

(b) An office which accepts deposits, accepts loan repayments, approves loans or disburses funds is not a loan production office.