reglab/statecodes huggingface dataset:
Louisiana Administrative Code › Title 10 - FINANCIAL INSTITUTIONS, CONSUMER CREDIT, INVESTMENT SECURITIES AND UCC › Part XV - Other Regulated Entities › Chapter 17 - Louisiana Community Development Financial Institution Program › Section XV-1705 - Conditions of Certification

Current through Register Vol. 50, No. 6, June 20, 2024
A. All
				LCDFIs, through an act under private signature executed by the business, duly
				acknowledged pursuant to Louisiana law, shall certify and acknowledge all of
				the following conditions for certification as a Louisiana Community Development
				Financial Institution and shall certify and acknowledge that the statement is
				true and correct.
1. The LCDFI has an initial
				capitalization of not less than $500,000. If any capitalization is repurchased
				or contemplated to be repurchased by the LCDFI within five years after
				certification, the LCDFI will concurrently replace any repurchased capital with
				cash capital, as defined under Generally Accepted Accounting Principles. Any
				contemplated repurchases shall be disclosed in all governing documents to all
				prospective investors. The amount repurchased shall not be the basis for any
				income tax credits.
2. At least 30
				days prior to the sale or redemption of stock, partnership interests, other
				equivalent ownership interests or debentures constituting 10 percent or more of
				the then outstanding shares, partnership interests, other equivalent ownership
				interests or debentures, the LCDFI will provide a written notification to the
				office. Information, as determined by the commissioner, shall be submitted with
				the notification.
3. The board of
				directors/shareholders will not elect new or replace existing board members or
				declare dividends without prior written consent of the office during the first
				two years following certification as a LCDFI.
4. The LCDFI will immediately notify the
				office in writing when its total certified capital under management is not
				sufficient to enable the LCDFI to operate as a viable going concern.
5. The LCDFI will not engage in any activity
				which represents a material difference from the business activity described in
				its application without first obtaining prior written approval by the
				office.
6. The LCDFI will comply
				with the LCDFI Act and all applicable rules, regulations and policies that are
				currently in effect or enacted after the date of certification.
7. The LCDFI will adopt and follow OFI's
				valuation guidelines and record retention policies.
8. Any other conditions deemed relevant by
				the commissioner.
Louisiana Administrative Code › Title 10 - FINANCIAL INSTITUTIONS, CONSUMER CREDIT, INVESTMENT SECURITIES AND UCC › Part XV - Other Regulated Entities › Chapter 17 - Louisiana Community Development Financial Institution Program › Section XV-1706 - Requirements for Continuance of Certification and Decertification

Current through Register Vol. 50, No. 6, June 20, 2024
A. In calculating
				the percentage requirements for continued certification of an investment pool
				under Subsection A of
				R.S.
				51:3087 and decertification of an investment
				pool under
				R.S.
				51:3088.
1.
				The numerator for the investment pool shall be:
a. 100 percent of the sum of all qualified
				investments made on or after the investment date of the investment pool that
				are held for a minimum of one year; and
b. 50 percent of the sum of all qualified
				investments made on or after the investment date of the investment pool that
				are intended to be held less than one year.
Louisiana Administrative Code › Title 10 - FINANCIAL INSTITUTIONS, CONSUMER CREDIT, INVESTMENT SECURITIES AND UCC › Part XV - Other Regulated Entities › Chapter 17 - Louisiana Community Development Financial Institution Program › Section XV-1707 - Change of Control

Current through Register Vol. 50, No. 6, June 20, 2024
A. In the event
				of a change of control of a LCDFI, the LCDFI shall provide written notification
				to the commissioner of the proposed transaction at least 30 days prior to the
				proposed change of control effective date. Unless additional information is
				required, the commissioner shall review the information submitted and shall
				issue either an approval or denial of the change of control within 30 days of
				the receipt of the notification.
B.
				Information to be included in the notification shall include:
1. a completed biographical and financial
				statement on each new owner, provided that any transfer to a person or entity
				who was a shareholder as of the later of the certification date for the LCDFI
				or the date of the LCDFI's last notification under
				R.S.
				51:3087(F) for whom the
				Office of Financial Institutions has received a current Biographical and
				Financial Report and conducted a current background check shall be
				disregarded;
2. a copy of the
				proposed business plan of the new owners covering a three year
				period;
3. a discussion of the
				previous experience the proposed owner has in the field of venture capital
				financing;
4. a credit report on
				each new owner;
5. a listing of any
				changes to the board of directors and/or of the LCDFI;
6. a copy of any legal documents or
				agreements relating to the transfer, if applicable.
Louisiana Administrative Code › Title 10 - FINANCIAL INSTITUTIONS, CONSUMER CREDIT, INVESTMENT SECURITIES AND UCC › Part XV - Other Regulated Entities › Chapter 17 - Louisiana Community Development Financial Institution Program › Section XV-1708 - Information Required from Louisiana Entrepreneurial Businesses

Current through Register Vol. 50, No. 6, June 20, 2024
A. Prior to making
				a qualified investment in a Louisiana entrepreneurial business, a LCDFI shall
				obtain, from an authorized representative of the business, a signed affidavit,
				the original of which shall be maintained by the LCDFI in its files. The
				affidavit shall contain all of the following:
1. full and conclusive legal proof of the
				representative's authority to act on behalf of the business;
For example: a board resolution or such other appropriate
				  evidence of a grant of necessary authority.
2. a binding waiver of rights and consent
				agreement sufficient to allow the LCDFI, upon request to the business, full
				access to all information and documentation of the business which is in any way
				related to the LCDFI's investment in the business;
3. completed forms, certifications, powers of
				attorney, and any other documentation, as determined by the commissioner,
				sufficient to allow access by the LCDFI of any of the information and/or
				records of the business in the possession of any other business or entity,
				including but not limited to, financial institutions and state and federal
				governmental entities;
4. a
				statement certifying the intended use of the investment proceeds, and that the
				business will provide to the LCDFI documentation to support the use of
				proceeds;
5. a statement certifying
				that the business meets the qualifications of a "Louisiana Entrepreneurial
				Business" as defined by
				R.S.
				51:2303(5); and
6. an act under private signature executed by
				the business, duly acknowledged pursuant to Louisiana law, certifying all of
				the above and foregoing as being true and correct.
Louisiana Administrative Code › Title 10 - FINANCIAL INSTITUTIONS, CONSUMER CREDIT, INVESTMENT SECURITIES AND UCC › Part XV - Other Regulated Entities › Chapter 17 - Louisiana Community Development Financial Institution Program › Section XV-1709 - General Provisions

Current through Register Vol. 50, No. 6, June 20, 2024
A. Books
				and Records
1. A LCDFI shall make and keep its
				records in conformity with Generally Accepted Accounting Principles.
2. A LCDFI shall make and keep all of its
				records at its main office as identified in its application for certification
				or at some other location authorized by prior written approval of the
				commissioner.
3. All books and
				records of a LCDFI shall be retained for a period of at least three years
				following decertification of the LCDFI in accordance with
				R.S.
				51:3088.
Louisiana Administrative Code › Title 10 - FINANCIAL INSTITUTIONS, CONSUMER CREDIT, INVESTMENT SECURITIES AND UCC › Part XV - Other Regulated Entities › Chapter 17 - Louisiana Community Development Financial Institution Program › Section XV-1710 - Directors and Officers

Current through Register Vol. 50, No. 6, June 20, 2024
A.
				Election of Directors or Managers. At least 30 days prior to the election of
				any person as the director or manager of a LCDFI, such LCDFI and such director
				or manager shall file with the commissioner a report containing the following
				information:
1. name, address and occupation
				of the proposed director or manager;
2. title of any office which the director or
				manager previously held with the LCDFI;
3. anticipated election date of the director
				or manager;
4. manner of election
				of the director or manager (that is, whether by the board or by the
				shareholders);
5. in case a
				director or manager is not an incumbent director or executive officer of the
				LCDFI, the LCDFI shall provide:
a. a personal
				financial statement and confidential resume on a form prescribed by the
				commissioner, containing the information called for therein, as of a date
				within 90 days before the filing of the report and signed by the proposed
				director or manager.
Louisiana Administrative Code › Title 10 - FINANCIAL INSTITUTIONS, CONSUMER CREDIT, INVESTMENT SECURITIES AND UCC › Part XV - Other Regulated Entities › Chapter 17 - Louisiana Community Development Financial Institution Program › Section XV-1711 - Income Tax Credits

Current through Register Vol. 50, No. 6, June 20, 2024
A. Pursuant to
				R.S.
				51:3084(6), an investment
				for the purposes of earning income tax credits means a transaction that, in
				substance and in form, is the investment of cash in exchange for either:
1. common stock, preferred stock, or an
				equivalent ownership interest in a LCDFI; or
2. a loan receivable or note receivable from
				a LCDFI which has a stated final maturity date of not less than five years from
				the origination date of the loan or note and is repaid in a manner which
				results in the loan or note being fully repaid or otherwise satisfied in equal
				amounts over the stated maturity of the loan or note.
Louisiana Administrative Code › Title 10 - FINANCIAL INSTITUTIONS, CONSUMER CREDIT, INVESTMENT SECURITIES AND UCC › Part XV - Other Regulated Entities › Chapter 19 - Virtual Currency › Section XV-1903 - Implementation (Repealed)

Current through Register Vol. 50, No. 6, June 20, 2024
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  6:121,
				  R.S.
				  6:121.2,
				  R.S.
				  6:1383,
				  R.S.
				  6:1385,
				  R.S.
				  6:1386,
				  R.S.
				  6:1387,
				  R.S.
				  6:1388,
				  R.S.
				  6:1391,
				  R.S.
				  6:1392, and
				  R.S.
				  6:1394.
Louisiana Administrative Code › Title 10 - FINANCIAL INSTITUTIONS, CONSUMER CREDIT, INVESTMENT SECURITIES AND UCC › Part XV - Other Regulated Entities › Chapter 19 - Virtual Currency › Section XV-1905 - Application for License or Notice of Registration

Current through Register Vol. 50, No. 6, June 20, 2024
A. The department shall begin accepting
				initial applications for licensure and notices of registration through the NMLS
				on January 1, 2023.
B. Completed
				applications for licensure and notices of registration submitted on or before
				April 1, 2023 will be approved, conditionally approved or denied on or before
				June 30, 2023.
C. This rule shall
				become effective on July 1, 2023.
D. Applications for licensure and notices of
				registration pursuant to this Section shall not be complete until the
				department:
1. receives all information
				required by applicable provisions of the VCBA; and
2. completes its investigation pursuant to
				R.S.
				6:1385 D.
Louisiana Administrative Code › Title 10 - FINANCIAL INSTITUTIONS, CONSUMER CREDIT, INVESTMENT SECURITIES AND UCC › Part XV - Other Regulated Entities › Chapter 19 - Virtual Currency › Section XV-1907 - Approval of Control Person (Repealed)

Current through Register Vol. 50, No. 6, June 20, 2024
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  6:121,
				  R.S.
				  6:121.2,
				  R.S.
				  6:1385,
				  R.S.
				  6:1386,
				  R.S.
				  6:1387,
				  R.S.
				  6:1388, and
				  R.S.
				  6:1394.
Louisiana Administrative Code › Title 10 - FINANCIAL INSTITUTIONS, CONSUMER CREDIT, INVESTMENT SECURITIES AND UCC › Part XV - Other Regulated Entities › Chapter 19 - Virtual Currency › Section XV-1909 - Approval of Change of Control (Repealed)

Current through Register Vol. 50, No. 6, June 20, 2024
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  6:121,
				  R.S.
				  6:121.2,
				  R.S.
				  6:1385,
				  R.S.
				  6:1386,
				  R.S.
				  6:1387,
				  R.S.
				  6:1388, and
				  R.S.
				  6:1394.
Louisiana Administrative Code › Title 10 - FINANCIAL INSTITUTIONS, CONSUMER CREDIT, INVESTMENT SECURITIES AND UCC › Part XV - Other Regulated Entities › Chapter 19 - Virtual Currency › Section XV-1913 - Renewal of License or Notice of Registration

Current through Register Vol. 50, No. 6, June 20, 2024
A. Any application for renewal of a license
				or notice of registration issued pursuant to provisions of the VCBA shall be
				submitted through the NMLS and satisfy all renewal requirements of the VCBA,
				including but not limited to those required by
				R.S.
				6:1388.
B. Beginning July 1, 2023, the period for
				submitting applications for renewal of all licenses and notices of registration
				to engage in virtual currency business activities shall begin on the first day
				of November of each calendar year.
C. A renewal application submitted on or
				before the thirty-first day of December shall be considered timely and the
				license or notice of registration seeks to renew shall remain in force and
				effect, as provided by the VCBA.
D.
1. An application for renewal of any license
				or notice of registration shall be accompanied by both:
a. the renewal fee; and
b. the late fee.
Louisiana Administrative Code › Title 10 - FINANCIAL INSTITUTIONS, CONSUMER CREDIT, INVESTMENT SECURITIES AND UCC › Part XV - Other Regulated Entities › Chapter 19 - Virtual Currency › Section XV-1915 - Net Worth/Tangible Net Worth

Current through Register Vol. 50, No. 6, June 20, 2024
A. In satisfying the licensure, renewal, and
				registration requirements provided by the VCBA, including but not limited to
				R.S. 6:1386(B)
				through (D),
				R.S.
				6:1388(B)(2)(f), and
				R.S.
				6:1389(A)(7), net worth and
				tangible net worth shall be clearly evidenced by filing or submitting a
				current, audited financial statement to the commissioner through the NMLS
				prepared:
1. in accordance with General
				Acceptable Accounting Principles (GAAP) standards; and
2. consistent with Public Company Accounting
				Oversight Board (PCAOB) standards.
Louisiana Administrative Code › Title 10 - FINANCIAL INSTITUTIONS, CONSUMER CREDIT, INVESTMENT SECURITIES AND UCC › Part XV - Other Regulated Entities › Chapter 19 - Virtual Currency › Section XV-1917 - Examination

Current through Register Vol. 50, No. 6, June 20, 2024
A. The commissioner
				may:
1. conduct on-site examination or
				investigation of the books, records, and accounts used in the business of every
				a licensee or registrant;
2.
				consider results of an inspection conducted by a comparable official in any in
				which the books, records, and accounts used in a licensee's or registrant's
				virtual currency business are located;
3. enter into agreements or relationships
				with other government officials or state and federal regulatory
				agencies;
4. consider licensing or
				examination reports prepared by other governmental agencies or officials,
				within or outside Louisiana.
Louisiana Administrative Code › Title 10 - FINANCIAL INSTITUTIONS, CONSUMER CREDIT, INVESTMENT SECURITIES AND UCC › Part XV - Other Regulated Entities › Chapter 19 - Virtual Currency › Section XV-1919 - Network Examination (Repealed)

Current through Register Vol. 50, No. 6, June 20, 2024
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  6:121,
				  R.S.
				  6:121.2,
				  R.S.
				  6:1385,
				  R.S.
				  6:1386,
				  R.S.
				  6:1387,
				  R.S.
				  6:1388,
				  R.S.
				  6:1389,
				  R.S.
				  6:1391,
				  R.S.
				  6:1392, and
				  R.S.
				  6:1394.
Louisiana Administrative Code › Title 10 - FINANCIAL INSTITUTIONS, CONSUMER CREDIT, INVESTMENT SECURITIES AND UCC › Part XV - Other Regulated Entities › Chapter 19 - Virtual Currency › Section XV-1921 - Renewal/Quarterly Reports (Repealed)

Current through Register Vol. 50, No. 6, June 20, 2024
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  6:121,
				  R.S.
				  6:121.2,
				  R.S.
				  6:1385,
				  R.S.
				  6:1387,
				  R.S.
				  6:1388,
				  R.S.
				  6:1389,
				  R.S.
				  6:1391; and
				  R.S.
				  6:1394.
Louisiana Administrative Code › Title 10 - FINANCIAL INSTITUTIONS, CONSUMER CREDIT, INVESTMENT SECURITIES AND UCC › Part XV - Other Regulated Entities › Chapter 19 - Virtual Currency › Section XV-1923 - Records

Current through Register Vol. 50, No. 6, June 20, 2024
A. Licensees
				engaging in virtual currency business activity in Louisiana shall maintain and
				preserve such books, records, and accounts of its virtual currency business
				activities, pursuant to
				R.S.
				6:1391, for a period of five years, or
				longer, if required by the commissioner to resolve any examination,
				investigation, or complaint.
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  6:121,
				  R.S.
				  6:121.2,
				  R.S.
				  6:1385,
				  R.S.
				  6:1387,
				  R.S.
				  6:1388,
				  R.S.
				  6:1389,
				  R.S.
				  6:1391,
				  R.S.
				  6:1393, and
				  R.S.
				  6:1394.
Louisiana Administrative Code › Title 10 - FINANCIAL INSTITUTIONS, CONSUMER CREDIT, INVESTMENT SECURITIES AND UCC › Part XV - Other Regulated Entities › Chapter 19 - Virtual Currency › Section XV-1925 - Policies and Procedures (Repealed)

Current through Register Vol. 50, No. 6, June 20, 2024
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  6:121,
				  R.S.
				  6:121.2,
				  R.S.
				  6:1385,
				  R.S.
				  6:1387,
				  R.S.
				  6:1388,
				  R.S.
				  6:1389,
				  R.S.
				  6:1391,
				  R.S.
				  6:1393, and
				  R.S.
				  6:1394.
Louisiana Administrative Code › Title 10 - FINANCIAL INSTITUTIONS, CONSUMER CREDIT, INVESTMENT SECURITIES AND UCC › Part XV - Other Regulated Entities › Chapter 19 - Virtual Currency › Section XV-1927 - Consent Agreements

Current through Register Vol. 50, No. 6, June 20, 2024
A. The
				commissioner may enter into a consent agreement at any time with a person to
				resolve a matter arising under the VCBA, or a rule adopted, or an agreement
				entered into, under the VCBA.
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  6:121,
				  R.S.
				  6:121.2,
				  R.S.
				  6:1385,
				  R.S.
				  6:1386,
				  R.S.
				  6:1387,
				  R.S
				  6:1388,
				  R.S.
				  6:1389,
				  R.S.
				  6:1391,
				  R.S.
				  6:1392, and
				  R.S.
				  6:1394.
Louisiana Administrative Code › Title 10 - FINANCIAL INSTITUTIONS, CONSUMER CREDIT, INVESTMENT SECURITIES AND UCC › Part XV - Other Regulated Entities › Chapter 19 - Virtual Currency › Section XV-1929 - Civil Penalties

Current through Register Vol. 50, No. 6, June 20, 2024
A. The
				commissioner, in his discretion, may assess a civil penalty against a person
				that violates the VCBA or any rule promulgated pursuant to the VCBA, or any
				order issued by the commissioner pursuant thereto, not to exceed $1,000 for
				each violation, plus the department's costs and expenses for the investigation
				and prosecution of the matter, including reasonable attorney's fees.
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  6:121,
				  R.S.
				  6:121.2,
				  R.S.
				  6:1385,
				  R.S.
				  6:1387,
				  R.S.
				  6:1388,
				  R.S.
				  6:1392,
				  R.S.
				  6:1393, and
				  R.S.
				  6:1394.
Louisiana Administrative Code › Title 10 - FINANCIAL INSTITUTIONS, CONSUMER CREDIT, INVESTMENT SECURITIES AND UCC › Part XV - Other Regulated Entities › Chapter 19 - Virtual Currency › Section XV-1931 - Miscellaneous Provisions

Current through Register Vol. 50, No. 6, June 20, 2024
A.
				Failure to comply with this Rule, or any other rule, or with any order issued
				by the department within a reasonable period of time may be considered in
				determining whether to waive any regulatory fee or to allow the filing of
				additional information relating to the application process. Noncompliance with
				any provisions of the VCBA, including but not limited to any provision or
				provisions pertaining to ownership, control, security, net worth, registration,
				or failure to pay any fee may likewise be considered in determining whether to
				deny issuance or renewal of a license or notice of registration, or the
				commissioner's institution of any investigative, administrative, or regulatory
				action within the scope of his authority.
B. All persons must be properly registered
				with the Louisiana Secretary of State, if required, prior to engaging in
				virtual currency business activity in the State of Louisiana.
C. Licensees engaging in virtual currency
				business activity in Louisiana are to provide proper disclosures to persons
				wishing to transfer or exchange virtual currency through the licensee or
				registrant. Disclosures are to be made separately from any other information
				provided by the licensee to such persons in a clear and conspicuous
				manner.
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  6:121,
				  R.S.
				  6:121.2,
				  R.S.
				  6:1385,
				  R.S.
				  6:1387,
				  R.S.
				  6:1388,
				  R.S.
				  6:1389,
				  R.S.
				  6:1392,
				  R.S.
				  6:1393, and
				  R.S.
				  6:1394.
Louisiana Administrative Code › Title 10 - FINANCIAL INSTITUTIONS, CONSUMER CREDIT, INVESTMENT SECURITIES AND UCC › Part XV - Other Regulated Entities › Chapter 19 - Virtual Currency › Section XV-1933 - Fees

Current through Register Vol. 50, No. 6, June 20, 2024
A. Pursuant to the
				authority granted under
				R.S.
				6:121,
				R.S.
				6:121.2,
				R.S.
				6:1385,
				R.S.
				6:1387,
				R.S.
				6:1388,
				R.S.
				6:1389, and
				R.S.
				6:1391, the following fee structure is hereby
				established to cover necessary costs associated with the administration of the
				VCBA, R.S.
				6:1381, et seq., as enacted by Act 341 of the
				2020 Regular Session of the Louisiana Legislature.
Description
Fee
1. Initial Application Fee ($2,500) and
							 Investigation/Review Fee ($2,500)
$5,000
2. License Renewal Fee ($2,000) and
							 Investigation/Review Fee ($2,000)
$4,000/$1,500 late fee
3. Examination Fee
$50 per/hour for each examiner, plus the actual cost
							 of subsistence, lodging, and transportation for out-of-state exams, not to
							 exceed the amounts provided for in Division of Administration travel
							 regulations in force at the time of such exam
4. Registration Fee
$750 for initial application
5. Registration Renewal Fee
$500 for any subsequent annual renewals /$250 late
							 fee
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  6:121,
				  R.S.
				  6:121.2,
				  R.S.
				  6:1385,
				  R.S.
				  6:1385,
				  R.S
				  6:1388,
				  R.S.
				  6:1389,
				  R.S.
				  6:1392, and
				  R.S.
				  6:1394.
Louisiana Administrative Code › Title 10 - FINANCIAL INSTITUTIONS, CONSUMER CREDIT, INVESTMENT SECURITIES AND UCC › Part XV - Other Regulated Entities › Chapter 19 - Virtual Currency › Section XV-1935 - Exceptions

Current through Register Vol. 50, No. 6, June 20, 2024
A. Any request for
				an exception and/or waiver must be submitted in writing and requires the
				written approval of the commissioner.
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  6:121,
				  R.S.
				  6:121.2,
				  R.S.
				  6:1385,
				  R.S.
				  6:1386,
				  R.S.
				  6:1387,
				  R.S
				  6:1388,
				  R.S.
				  6:1389,
				  R.S.
				  6:1392, and
				  R.S.
				  6:1394.
Louisiana Administrative Code › Title 10 - FINANCIAL INSTITUTIONS, CONSUMER CREDIT, INVESTMENT SECURITIES AND UCC › Part XV - Other Regulated Entities › Chapter 19 - Virtual Currency › Section XV-1937 - Severability

Current through Register Vol. 50, No. 6, June 20, 2024
A. If any provision
				or item of this regulation, or the application thereof, is held invalid, such
				invalidity shall not affect other provisions, items, or applications of the
				regulation which can be given effect without the invalid provisions, items, or
				applications.
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  6:121,
				  R.S.
				  6:121.2,
				  R.S.
				  6:1385,
				  R.S.
				  6:1386,
				  R.S.
				  6:1387,
				  R.S
				  6:1388,
				  R.S.
				  6:1389,
				  R.S.
				  6:1392, and
				  R.S.
				  6:1394.
Louisiana Administrative Code › Title 10 - FINANCIAL INSTITUTIONS, CONSUMER CREDIT, INVESTMENT SECURITIES AND UCC › Part XV - Other Regulated Entities › Chapter 20 - Private Education Lender Registry › Section XV-2001 - Definitions

Current through Register Vol. 50, No. 6, June 20, 2024
Annual Registration Period
-is the first day
				  of January through the thirty-first day of December for each calendar year,
				  beginning January 1, 2024.
Annual Registration Renewal Period
-is the
				  first day of November of each calendar year through the thirty-first day of
				  December of each calendar year, beginning November 1, 2024.
Commissioner
-is the commissioner of the
				  Office of Financial Institutions.
Expired Registration
-any private education
				  lender registration for which no timely registration renewal application is
				  submitted.
Lapsed Registration
-any private education
				  lender registration for which no timely or untimely registration renewal
				  application is submitted.
Lender
-is any private education lender or
				  person extending credit as a private education loan.
Loan Holder or Holder
-any person owning and
				  servicing any private education loan.
Loan Owner
-any private education lender to
				  the extent that the person:
1.
				secures, makes or extends any private education loan to any resident borrower
				and:
a. services the private education loan;
				or
b. outsources loan servicing of
				the private education loan to any third party.
Louisiana Administrative Code › Title 10 - FINANCIAL INSTITUTIONS, CONSUMER CREDIT, INVESTMENT SECURITIES AND UCC › Part XV - Other Regulated Entities › Chapter 20 - Private Education Lender Registry › Section XV-2003 - Registration

Current through Register Vol. 50, No. 6, June 20, 2024
A. All
				private education lenders shall:
1. register
				with the commissioner through the NMLS before engaging in private education
				lending in the state, as required by and in accordance with
				R.S.
				6:1421, et seq.;
2. renew their registration annually, as
				provided by
				R.S.
				6:1421, et seq., and this rule;
3. maintain all qualifications of a
				registered private education lender; and
4. cease and desist all business of private
				education lending upon any of the following:
a. failure to submit a timely or untimely
				registration renewal application for any annual registration period;
b. failure to submit all fees and information
				required by
				R.S.
				6:1421, et seq., or this rule with any
				initial registration or registration renewal application;
c. notice of the commissioner's denial,
				suspension, or revocation of any:
i. initial
				or renewal application submitted for any annual registration period;
				or
ii. registration the
				commissioner issued to the private education lender;
d. notice of the commissioner's removal of
				the lender from the Private Education Lender Registry.
Louisiana Administrative Code › Title 10 - FINANCIAL INSTITUTIONS, CONSUMER CREDIT, INVESTMENT SECURITIES AND UCC › Part XV - Other Regulated Entities › Chapter 20 - Private Education Lender Registry › Section XV-2005 - Initial Registration Application Period

Current through Register Vol. 50, No. 6, June 20, 2024
A. The commissioner shall begin accepting
				initial registration applications from private education lenders, as required
				by R.S.
				6:1421, et seq., on January 1,
				2024.
B. Any private education
				lender shall be in violation of
				R.S.
				6:1421, et seq., if they:
1. are securing, making or extending any
				private education loan to any resident borrower;
2. hold or own any private education loan
				secured, made or extended to any resident borrower; and
3. fail to submit a registration application
				to the commissioner within 90 days of January 1, 2024.
Louisiana Administrative Code › Title 10 - FINANCIAL INSTITUTIONS, CONSUMER CREDIT, INVESTMENT SECURITIES AND UCC › Part XV - Other Regulated Entities › Chapter 20 - Private Education Lender Registry › Section XV-2007 - Registration Renewals

Current through Register Vol. 50, No. 6, June 20, 2024
A. Applications for renewal of private
				education lender registrations shall:
1. be
				submitted to the commissioner through the NMLS;
2. include all information required by
				R.S.
				6:1421, et seq., and any rule or regulation
				adopted by the commissioner under authority of
				R.S.
				6:1424; and
3. include all fees required by the
				commissioner by rule, in accordance with
				R.S.
				6:1421, et seq.
Louisiana Administrative Code › Title 10 - FINANCIAL INSTITUTIONS, CONSUMER CREDIT, INVESTMENT SECURITIES AND UCC › Part XV - Other Regulated Entities › Chapter 20 - Private Education Lender Registry › Section XV-2009 - Enforcement

Current through Register Vol. 50, No. 6, June 20, 2024
A.R.S.
				6:1421, et seq., expressly authorizes the
				commissioner to enforce provisions thereof and this rule in accordance with
				powers vested by
				R.S.
				6:121.1.
B. The commissioner may take appropriate
				action against any person subject to his licensing, registration, regulation,
				or supervisory authority for violating
				R.S.
				6:1421, et seq., or any rule or regulation
				adopted under authority of
				R.S.
				6:1424, as provided by
				R.S.
				6:1423.
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  6:121,
				  R.S.
				  6:1421,
				  R.S.
				  6:1422,
				  R.S.
				  6:1423, and
				  R.S.
				  6:1424.
Louisiana Administrative Code › Title 10 - FINANCIAL INSTITUTIONS, CONSUMER CREDIT, INVESTMENT SECURITIES AND UCC › Part XV - Other Regulated Entities › Chapter 20 - Private Education Lender Registry › Section XV-2011 - Violations

Current through Register Vol. 50, No. 6, June 20, 2024
A.
				Violations of
				R.S.
				6:1421, et seq., or this rule include, but
				are not limited to, any person who:
1. has
				engaged, is engaging, or is about to engage in any act or practice prohibited
				by R.S.
				6:1421, et seq., or any rule or regulation
				adopted under authority of
				R.S.
				6:1424;
2. has failed to act, is failing to act or is
				about to fail to act under an affirmative duty provided by
				R.S.
				6:1421, et seq., or any rule or regulation
				adopted under authority of
				R.S.
				6:1424.
Louisiana Administrative Code › Title 10 - FINANCIAL INSTITUTIONS, CONSUMER CREDIT, INVESTMENT SECURITIES AND UCC › Part XV - Other Regulated Entities › Chapter 20 - Private Education Lender Registry › Section XV-2013 - Fees

Current through Register Vol. 50, No. 6, June 20, 2024
A. The
				following fee schedule is adopted to cover administrative costs of
				implementing, maintaining and enforcing the Private Education Lender Registry,
				as provided by
				R.S.
				6:1421, et seq.:
1. initial registration fee of
				$1,500;
2. renewal registration fee
				of $1,000; and
3. renewal
				registration fee late fee of $500.
Louisiana Administrative Code › Title 10 - FINANCIAL INSTITUTIONS, CONSUMER CREDIT, INVESTMENT SECURITIES AND UCC › Part XV - Other Regulated Entities › Chapter 20 - Private Education Lender Registry › Section XV-2015 - Severability

Current through Register Vol. 50, No. 6, June 20, 2024
A. If any
				provision or item of this regulation, or the application thereof, is held
				invalid, such invalidity shall not affect other provisions, items, or
				applications of the regulation which can be given effect without the invalid
				provisions, items, or applications.
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  6:121,
				  R.S.
				  6:1421,
				  R.S.
				  6:1422,
				  R.S.
				  6:1423, and
				  R.S.
				  6:1424.
Louisiana Administrative Code › Title 10 - FINANCIAL INSTITUTIONS, CONSUMER CREDIT, INVESTMENT SECURITIES AND UCC › Part XVII - Miscellaneous Provisions › Chapter 5 - Procedures › Section XVII-501 - Informal Opportunity to Show Compliance

Current through Register Vol. 50, No. 6, June 20, 2024
A. Definitions
Commissioner
- the Commissioner of the
				  Louisiana Office of Financial Institutions.
Licensee
- any person or entity chartered or
				  licensed by the Louisiana Office of Financial Institutions.
Office
- the Louisiana Office of Financial
				  Institutions.
B. Prior to
				the institution of agency proceedings regarding the revocation, suspension,
				annulment, or withdrawal of a license, when such action must be accomplished
				pursuant to the Administrative Procedure Act,
				R.S.
				49:950 et seq., the office shall give notice
				by mail to the licensee, setting forth the facts or conduct which serve(s) as
				the office's basis for such action. The notice shall advise the licensee that
				he is being offered an opportunity to participate in an informal meeting with a
				representative of the office to show compliance with all lawful requirements
				for retention of the license, in conformity with
				R.S.
				49:961(C).
C. The licensee shall have 15 calendar days
				from receipt of such notice to request, in writing, an informal meeting. Such
				informal meeting shall be held not less than 10 days nor more than 30 days
				following receipt of the licensee's request for the meeting, unless the
				commissioner determines that an extension is warranted.
D. Notwithstanding any other provision of
				this rule, if the office finds that the public health, safety, or welfare
				imperatively requires emergency action, and incorporates a finding to that
				effect in an order to the licensee, summary suspension may be ordered pending
				proceedings for revocation or other action. These proceedings shall be promptly
				instituted and determined.
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  49:952(2).
Louisiana Administrative Code › Title 10 - FINANCIAL INSTITUTIONS, CONSUMER CREDIT, INVESTMENT SECURITIES AND UCC › Part XVII - Miscellaneous Provisions › Chapter 7 - College Campus Credit Card Solicitation › Section XVII-701 - Form for Registration of Intent to Solicit Students

Current through Register Vol. 50, No. 6, June 20, 2024
A. Purpose. This Chapter provides the form to
				be used by a credit card issuer for the registration of its intent to engage in
				the solicitation of students on college campuses.
B. Definitions. The definitions for the terms
				utilized in this Chapter are the same as those provided for in the definitions
				section of the College Campus Credit Card Solicitation Act,
				R.S. 9:3578.1,
				specifically
				R.S. 9:3578.2,
				and as follows.
Appropriate Official
-the president,
				  chancellor, or chief management official of the institution of post-secondary
				  education.
C. Form of
				Registration. The form of registration shall be a letter directed to the
				appropriate official of the institution of post-secondary education at which
				the credit card issuer intends to engage in the solicitation of students on
				college campuses. The letter shall contain, at a minimum the following:
1. the name and principal place of business
				of the credit card issuer;
2. the
				name, address, and telephone number of the contact person of the credit card
				issuer, who is responsible for the administration of its credit card
				solicitation program;
3. the
				date(s) on which the credit card issuer intends to have representatives on
				campus. (See
				R.S.
				17:3351.2).
A new letter must be submitted by the credit card issuer upon
				  the occurrence of any material change, including but not limited to a change in
				  the contact person, in the information previously submitted to the institution
				  of post-secondary education.
Louisiana Administrative Code › Title 10 - FINANCIAL INSTITUTIONS, CONSUMER CREDIT, INVESTMENT SECURITIES AND UCC › Part XVII - Miscellaneous Provisions › Chapter 9 - Records Retention › Section XVII-901 - Non-Depository Records Retention

Current through Register Vol. 50, No. 6, June 20, 2024
A.
				Each non-depository person subject to the supervision of the Office of
				Financial Institutions shall retain such minimum records which are deemed
				necessary for the examination and supervision of such persons by this office
				and for such minimum retention periods as determined by the commissioner and
				set forth in a "record retention schedule" to be detailed in policy which may
				be amended from time to time as necessary. This rule does not replace the
				person's responsibility to create, implement, and maintain its own
				comprehensive record retention program, consistent with the person's strategic
				goals and objectives. Such records may be retained in various forms as approved
				by the commissioner, including but not limited to, hard copies, photocopies,
				computer printouts or microfilm, microfiche, imaging, or other types of
				electronic media storage that can be readily accessed and reproduced into hard
				copies.
B. For purposes of this
				rule, non-depository persons refers to any individual, corporation, limited
				liability company, partnership or other entity, other than those considered by
				the commissioner to be depository institutions, such as banks, savings
				associations, credit unions and savings banks, or those persons under his
				jurisdiction pursuant to the Louisiana Securities Law. Non-depository includes,
				but is not limited to, residential mortgage lenders, brokers, and originators,
				bond for deed escrow agents, check cashers, licensed lenders, loan brokers, and
				pawnbrokers.
AUTHORITY NOTE:
				  Promulgated in accordance with R.S. 6:121, 6:414, 6:1014, 6:1085,9:3554,
				  9:3556.1, 9:3572.7, 9:3574.10, 9:3578.8, and
				  37:1807.
Louisiana Administrative Code › Title 10 - FINANCIAL INSTITUTIONS, CONSUMER CREDIT, INVESTMENT SECURITIES AND UCC › Part XIX - Uniform Commercial Code › Chapter 1 - Secured Transactions › Section XIX-101 - Policy

Current through Register Vol. 50, No. 6, June 20, 2024
A. In the state of
				Louisiana, title 10, chapter 9 was enacted as the Uniform Commercial Code,
				secured transactions (hereinafter referred to as the UCC). The UCC implemented
				provisions of article 9 with regard to the notice filing approach under which
				an abbreviated notice is filed with the appropriate filing officer evidencing
				that a debtor and a secured party intend to engage in or have engaged in a
				secured transaction using specified collateral as security.
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  10:9-101 et seq.,
				  R.S.
				  10:9-526, and
				  R.S.
				  36:742.
Louisiana Administrative Code › Title 10 - FINANCIAL INSTITUTIONS, CONSUMER CREDIT, INVESTMENT SECURITIES AND UCC › Part XIX - Uniform Commercial Code › Chapter 1 - Secured Transactions › Section XIX-103 - Place of Filing-When Filing Is Required in Louisiana

Current through Register Vol. 50, No. 6, June 20, 2024
A. The proper place to file in order to
				perfect a security interest is with the clerk of court of any parish.
B. It is only necessary to file in one parish
				to properly perfect a security interest, notwithstanding the location of the
				collateral, the location of the debtor, or the fact that the secured collateral
				may be relocated or situated in various parishes within the state of
				Louisiana.
C. The secretary of
				state is not authorized to accept UCC filings. Any filings directed erroneously
				to the secretary of state will be returned to the secured party with directions
				as to the proper filing procedures.
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  3:3651 et seq.,
				  R.S.
				  10:9-501,
				  R.S.
				  10:9-526, and
				  R.S.
				  36:742.
Louisiana Administrative Code › Title 10 - FINANCIAL INSTITUTIONS, CONSUMER CREDIT, INVESTMENT SECURITIES AND UCC › Part XIX - Uniform Commercial Code › Chapter 1 - Secured Transactions › Section XIX-105 - Formal Requisites of Financing Statement

Current through Register Vol. 50, No. 6, June 20, 2024
A. To be effective, a financing statement
				must:
1. give the debtor's name and mailing
				address:
a. a financing statement sufficiently
				shows the name of the debtor if it gives the individual (if the debtor is an
				individual to whom Louisiana has issued a driver's license that is not expired,
				the name of the debtor must be shown as indicated on his driver's license),
				partnership, or corporate name of the debtor (if the debtor is a registered
				organization such as a corporation or a limited liability company, the name of
				the debtor must be the registered organization's name on the public organic
				record with Louisiana's secretary of state or other jurisdiction of
				organization) (as applicable); and
b. the trade names of the debtor (providing
				only the debtor's trade name does not sufficiently provide the name of the
				debtor), and the names of the partners, members, associates, or other persons
				comprising the debtor may also be set forth in the financing statement at the
				option of the secured party;
Louisiana Administrative Code › Title 10 - FINANCIAL INSTITUTIONS, CONSUMER CREDIT, INVESTMENT SECURITIES AND UCC › Part XIX - Uniform Commercial Code › Chapter 1 - Secured Transactions › Section XIX-107 - Forms to be Used in Filing

Current through Register Vol. 50, No. 6, June 20, 2024
A.
				Under the UCC, the notice to be filed with the filing officer is called a
				financing statement. The approved Form UCC-1 measures 8 1/2 by 11 inches. All
				filing officers will accept these standard forms. Failure to use Louisiana's
				Form UCC-1 renders the filing subject to the nonstandard form
				penalty.
B. If the space provided
				on Form UCC-1 is inadequate, the item should be identified and continued on an
				additional 8 1/2 by 11 inch sheet. The name of the debtor should appear as the
				first item on the additional sheet.
C. The security agreement entered into by the
				secured party and the debtor is sufficient as a financing statement if it
				contains all the information required in a financing statement and is signed by
				the debtor; however, the nonstandard form penalty will be assessed for the
				filing of such agreement.
D. A
				carbon, photographic, facsimile, or other reproduction of a security agreement
				or financing statement is sufficient as a financing statement if the security
				agreement so provides or if the original has been filed in the state of
				Louisiana.
1. Filing officers shall reject
				any financing statement or security agreement if the copy is
				illegible.
2. Fax filings of the
				financing statement will be accepted.
3. Laser printed financing statements
				prepared by computerized loan documentation service companies will be accepted
				as standard filings if presented in the same format as Louisiana's Form UCC-1
				on 8 1/2 by 11 inch paper.
Louisiana Administrative Code › Title 10 - FINANCIAL INSTITUTIONS, CONSUMER CREDIT, INVESTMENT SECURITIES AND UCC › Part XIX - Uniform Commercial Code › Chapter 1 - Secured Transactions › Section XIX-109 - Presentation of Filing

Current through Register Vol. 50, No. 6, June 20, 2024
A. All
				filings required by the UCC shall be made by presenting the appropriate
				documents and tendering the required fees to any of the 64 filing officers.
				Filings may be made in person, by mail, or by fax machine pursuant to
				§107. D herein. Payment of the fees shall be made in any manner acceptable
				by the filing officer in the parish in which the filing is made.
1. If Form UCC-1 is presented for filing, the
				form shall be filed with the filing officer.
2. Although a filer is encouraged to utilize
				Form UCC-1, the filer may submit a copy of the security agreement in lieu of
				Form UCC-1 and attach the nonstandard filing fee. If the required signatures
				appear on the nonstandard filing, they need not appear on Form UCC-1.
3. If an acknowledgment copy from the filing
				officer is desired by persons submitting a facsimile copy of the financing
				statement, a laser printed financing statement or a copy of the security
				agreement, the filer must submit an additional copy of the document.
Louisiana Administrative Code › Title 10 - FINANCIAL INSTITUTIONS, CONSUMER CREDIT, INVESTMENT SECURITIES AND UCC › Part XIX - Uniform Commercial Code › Chapter 1 - Secured Transactions › Section XIX-111 - Indexing

Current through Register Vol. 50, No. 6, June 20, 2024
A. If more than one
				debtor name is set forth in the financing statement or other statement, all
				debtors, including any listed trade names, will be entered into the secretary
				of state's master index. If an attachment is required to complete the debtor
				name listing, please indicate the same in the additional debtor name block on
				Form UCC-1 and attach the listing on an 8 1/2 by 11 inch sheet.
B. Debtor names shall be indexed exactly as
				set forth by the secured party in the debtor name block of Form UCC-1, or in
				the case of a nonstandard filing, as set forth in the body of the agreement.
				Please note the following for clarification.
1. If the secured party desires to have the
				filing officer additionally index a married woman under her maiden name, the
				secured party must specifically request the same by setting forth the maiden
				name separately.
2. In the event
				the debtor's signature exists and varies from the typewritten name set forth in
				the debtor name block of Form UCC-1 (or in the body of a nonstandard filing)
				and the secured party desires to have this varied name included in the master
				index, the secured party must specifically request the same by setting forth
				the varied name as an additional debtor name on the financing
				statement.
Louisiana Administrative Code › Title 10 - FINANCIAL INSTITUTIONS, CONSUMER CREDIT, INVESTMENT SECURITIES AND UCC › Part XIX - Uniform Commercial Code › Chapter 1 - Secured Transactions › Section XIX-113 - Duration

Current through Register Vol. 50, No. 6, June 20, 2024
A. With the
				exception of transmitting utility filings presented in the format required by
				§107 herein, a
				financing statement is effective for a period of five years from the date of
				filing. Transmitting utility filings properly presented for filing are
				effective until a termination statement is filed with the filing officer with
				whom the financing statement was originally filed.
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  10:9-526 and
				  R.S.
				  36:742.