Article L514-1 of the French Monetary and Financial Code
November 7, 2023
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…
