***As of 9/23/2024 the Dai People unanimously changed the direction of the Kingdom of Dai to move from an economic development organization concept to a faith-based community organization concept. Changes to this website are being made to reflect this new direction. This website will cease to operate upon 01/15/2025.***
Regency Federal Credit Union has been cancelled. Despite the planned financial institution being shuttered the community still regulates banks and credit unions doing business with the community and its members under Decree Order 12.
Decree Order 12 of the Dai Council imposes the following limits and restrictions on banking activities involving the Kingdom of Dai:
UNSECURED LOANS
- Maximum Interest Rate: 12% per annum compounded daily
- Maximum Monthly Payment Principal Payment: 1/12 of the total unsecured loan
- Guideline of Maximum Issuance Amount: monthly income of loan customer
SECURED LOANS
- Maximum Interest Rate: 6% per annum compounded daily
- Maximum Total Monthly Payment (Interest & Principle): 1/3 of average monthly income
- Guideline of Maximum Issuance Amount: 80% of the FMV of loan collateral
- Guideline of Maximum Issuance Amount: $175,100 per property
- The total monthly payment on residential mortgage property may not exceed local rental control maximums.
PERSONAL DEPOSIT ACCOUNTS
Both Checking and Savings accounts are allowed but required to operate in two classes of accounts:
- First Level of accounts to establish a maximum deposit amount of $5,000 per account.
- Second Level of accounts to establish a maximum deposit amount of $250,000 per account.
For Personal Deposit accounts, married customers are eligible for a suite of three accounts:
- Each spouse is eligible for checking and savings accounts each.
- Joint checking and savings accounts owned by spouses are meant to serve as “House” account for the family.
BUSINESS DEPOSIT ACCOUNTS
Eligible customers include individuals engaged as sole proprietors or partnerships as well as entities operating under Trust arrangements, LLCs, LPs, For-Profit Corporations, and Nonprofit Corporations.
- Individual Unincorporated Business Accounts Maximum: $3,000,000 total of all account types
- Entity Business Accounts Maximum: $3,000,000 per partner or principal up to $30,000,000
- Guideline of financial institution collateralization of business accounts above $250,000 to protect funds.
These are the guidelines, limits, and restrictions imposed by Decree Order 12 of the Dai Council that future Dai financial institutions will be required to operate within in service to their customers.
