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-1712 - Fees and Assessments

Current through Register Vol. 50, No. 6, June 20, 2024
A.
				Pursuant to the authority granted under
				R.S.
				51:3088(A) and 3089(4), the
				following fee and assessment structure is hereby established to cover necessary
				costs associated with the administration of the Louisiana Community Development
				Financial Institution Act,
				R.S.
				51:3081 et seq.
1. Fees and Assessments
Description
Fee
a. Application for certification as a LCDFI.
$2,000
b. Annual assessment fee of each LCDFI at a floating
							 rate to be assessed no later than May 15 of each year, to be based on the total
							 certified capital under management, as defined in LAC 10:XV.1702, as of the
							 previous December 31 audited financial statements. Any amounts collected in
							 excess of actual expenditures related to the administration of the Louisiana
							 community development financial institution act by the Office of Financial
							 Institutions shall be credited or refunded on a pro rata basis. Any shortages
							 in assessments to cover actual operating expenses of OFI relating to the
							 administration of the Louisiana community development financial institution act
							 shall be added to the next variable assessment or billed on a pro rata basis.
Variable
c. Late fee for each calendar day that an assessment
							 fee is late pursuant to the requirements of LAC 10:XV.1712.A.1.b.
$100 per day
d. Fee for request filed on December 1 of each year
							 for certification of capital pursuant to
							 R.S.
							 51:3085 in order obtain an allocation of
							 certified capital.
$1,000
Non-refundable
e. Fee for annual review of each LCDFI to determine
							 the company's compliance with statutes and regulations.
$50 per hour, per examiner, or $500, whichever is
							 greater.
2.
				Administration
a. The failure to timely submit
				a fee with the request for allocation as required in §1712. A.1.d shall
				result in the denial of an allocation of certified capital.
b. The assessment described in §1712.
				A.1.b shall be considered timely if received by the office on or before May 31
				of each calendar year. If the office receives an assessment after May 31, it
				shall not be deemed late if it was postmarked on or before May 31.
c. Unless annual audited financial statements
				are submitted to the office by April 30, annual unaudited financial statements
				shall be submitted no later than May 1. These unaudited financial statements
				shall then be used to determine the assessment amount provided for in
				§1712. A.1.b Accompanying these audited or unaudited financial statements
				shall be a detailed calculation of total certified capital under management as
				of December 31.
d. If neither an
				audited nor unaudited financial statement has been received by this office by
				May 1, the late fee described in §1712. A.1.c shall be assessed beginning
				on June 1 until the assessment has been paid in full.
e. If any of the dates prescribed in
				§1712. A.2.b and §1712. A.2.c with the exception of the April 30 and
				the December 31 due date for audited financial statements, occurs on an
				official state holiday, a Saturday, or a Sunday, the next business day for the
				Office of Financial Institutions shall be the applicable due date.
f. The assessment for each Louisiana
				Community Development Financial Institution, as defined in
				R.S.
				51:3084(9), and described in
				§1712. A.1.c shall be based on the following formula.
i. The numerator will be the total certified
				capital under management of the LCDFI as of December 31 of the previous
				year.
ii. The denominator will be
				the total certified capital under management for all Louisiana community
				development financial institutions as of the previous December 31.
3. Severability. 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 application.