Loans and other banking activities by the future Regency Federal Credit Union and others are regulated by Decree Order 12 as well as by Federal, State, and (occasionally) local laws and ordinances in an effort to protect deposit clients, mortgage and loan customers, and the overall health of the general economy. In addition to the local, State, and Federal regulations, 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 Principle 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: $169,300 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. As of this time these are other credit unions and banks that expressed they will honor at least most of the Dai Council’s Order:
—————————————————————————————————–
Grand Junction FCU
633 24 Road
Grand Junction, CO 81505
Phone: (970) 243-1370
Toll Free: 1-877-243-1370
Fax: (970) 241-3010
—————————————————————————————————–
*Other banks and credit unions to be added soon as 2024 begins.