Louisiana Administrative Code › Title 10 - FINANCIAL INSTITUTIONS, CONSUMER CREDIT, INVESTMENT SECURITIES AND UCC › Part I - Financial Institutions › Chapter 5 - Applications and Notices › Subchapter B - Loan Production Offices, Deposit Production Offices, and Electronic Financial Terminals; Notice, Activities and Requirements › Section I-509 - Loan Production Office

Current through Register Vol. 50, No. 6, June 20, 2024
A. Definitions
Applicant
-repealed.
Application
-repealed.
Commissioner
-the commissioner of the
					 Louisiana Office of Financial Institutions.
Federal Financial Institution
-any national
					 bank, federal savings association, or other depository institution chartered by
					 the Office of the Comptroller of the Currency.
Financial Institution-
any federal
					 financial institution, Louisiana financial institution, or out-of-state
					 financial institution.
Letter of Notification
-written notice
					 submitted to the commissioner by a financial institution indicating its intent
					 to establish one or more loan production office(s). The Letter of Notification
					 shall identify the financial institution and provide the municipal address of
					 the proposed LPO location. If the ratio of premises and fixed assets to Tier 1
					 capital plus the allowance for loan and lease losses will, at any time, exceed
					 50 percent, or 45 percent for a new institution, the financial institution must
					 also provide supporting documentation and a request to exceed this threshold
					 pursuant to LAC X:I.1101.
Loan Production Office
-a physically manned
					 location, in the state of Louisiana, in another state or the District of
					 Columbia, other than the main office or branch office of a financial
					 institution from which the financial institution intends to provide information
					 about, and solicit and/or originate applications for, loans, by such financial
					 institution. A loan production office may be a wholly-owned operating
					 subsidiary of a financial institution. A loan production office may also be
					 referred to in this rule as an "LPO".
Louisiana Financial Institution
-any
					 Louisiana state-chartered bank, savings bank, homestead association, building
					 and loan association, or savings and loan association.
Out-of-State Financial Institution
-any
					 state-chartered bank, savings bank, homestead association, building and loan
					 association, or savings and loan association, chartered in a state other than
					 Louisiana or chartered in the District of Columbia.
B. Prior Notification
1. In accordance with
				  R.S.
				  6:452, a Louisiana financial institution
				  seeking to open a loan production office shall provide written prior
				  notification, to the commissioner, of the planned loan production office. The
				  notification shall be sent to the commissioner at least 45 days prior to the
				  proposed opening date of the LPO.
2. Notification to the commissioner may be
				  delivered by U.S. Mail, private commercial courier, hand-delivered, or by
				  electronic mail.
3. If at the time
				  of the notification to the commissioner, a Louisiana financial institution
				  plans to share the location of an LPO with one or more other financial
				  institutions, the name and domicile of each such other financial institution
				  shall be included in the written prior notice to the commissioner.