Article L513-33 of the French Monetary and Financial Code
November 7, 2023
The detailed rules for the application of this section shall be defined by decree in the Conseil d’Etat.
The detailed rules for the application of this section shall be defined by decree in the Conseil d’Etat.
I. – Municipal credit unions are public municipal credit and welfare institutions. In particular, their mission is to combat usury by granting loans against tangible collateral, for which they have a monopoly. They may carry out all transactions with credit institutions and finance companies, receive funds from natural persons and legal entities, provide these persons with means of payment and carry out related transactions with them within the meaning of…
Caisses de crédit municipaux are established by decree countersigned by the Minister for the Economy and the Minister for Local Authorities, at the request of the municipal council or councils concerned. The funds are managed by a director, under the supervision of a guidance and supervisory board. The director is appointed by the mayor of the municipality in which the caisse has its head office, on the advice of the…
The organisation and operation of the caisses de crédit municipal, and in particular the powers of the guidance and supervisory board and the financial system, are determined by decrees of the Conseil d’Etat issued on the report of the Minister responsible for the economy.
The decrees mentioned in article L. 514-3 set the rules according to which the surpluses arising at the end of the financial year and the bonuses acquired by prescription after realisation of pledges are allocated to the funds of the caisses. If these surpluses and bonuses are not used in full for this purpose, the remainder is allocated to other social welfare organisations.
In addition to the operations referred to in II of Article L. 511-1, finance companies may carry out any of the following operations: -provide payment services, subject to having obtained the authorisation provided for in article L. 522-6 ; -issue and manage electronic money, subject to having obtained the authorisation provided for in article L. 526-7 -provide investment services, subject to having obtained the authorisation provided for in Article L….
The equity capital of a finance company may not be less than the amount of initial capital required at the time of its authorisation.
Where they do not collect repayable funds from the public as referred to in article L. 312-2, companies which manage, on a regular basis, companies created with a view to carrying out the transactions referred to in article L. 313-7, even if not on a regular basis, must be authorised as finance companies.
Mutual guarantee companies may be set up between traders, industrialists, manufacturers, craftsmen, commercial companies and members of the liberal professions. Their purpose is to guarantee their members in respect of their professional transactions. Mutual guarantee companies may also be set up between owners of buildings or property rights. Their purpose is to guarantee their members in respect of loans taken out for home ownership or the refurbishment and repair of…
Mutual guarantee companies are commercial companies.
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is a Registered Trademark of
PETROFF LAW FIRM (SELARL LEGASTRAT)
182, rue de Rivoli
75001, Paris France
RCS Paris n°814433470
Paris Bar Registration n° (Toque) C2396
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is a Registered Trademark of
PETROFF LAW FIRM (SELARL LEGASTRAT)
182, rue de Rivoli
75001, Paris France
RCS Paris n°814433470
Paris Bar Registration n° (Toque) C2396
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