reglab/statecodes huggingface dataset:
Louisiana Administrative Code › Title 10 - FINANCIAL INSTITUTIONS, CONSUMER CREDIT, INVESTMENT SECURITIES AND UCC › Part XV - Other Regulated Entities › Chapter 3 - Capital Companies Tax Credit Program › Section XV-325 - Notes Receivable

Current through Register Vol. 50, No. 6, June 20, 2024
A. The
				provisions of
				R.S.
				22:1068(E)(1)(b) will be
				satisfied with respect to a note receivable issued by a certified Louisiana
				capital company or its investment pool to an investing insurance company if:
1. the note receivable has a stated final
				maturity date of not less than five years from the date on which the certified
				Louisiana capital company or its investment pool issues the note receivable;
				and
2. either:
a. the note receivable is repaid in a manner
				which results in the note receivable being fully repaid or otherwise satisfied
				in equal amounts over the stated maturity of the note receivable; or
b. the duration of the note receivable is no
				shorter than the duration of a hypothetical note that:
i. is issued on the same date as the note
				issued by the certified Louisiana capital company or its investment
				pool;
ii. has the same maturity
				date as the note issued by the certified Louisiana capital company or its
				investment pool;
iii. has a price
				and yield the same as that of the note issued by the certified Louisiana
				capital company or its investment pool, calculated in the same manner (i.e.,
				with respect to compounding, 360 vs. 365 day per year calculations, etc.);
				and
iv. is fully amortized by equal
				daily payments, which amounts are calculated as follows:
(a). the aggregate of all amounts scheduled
				to be paid or otherwise credited to the holder of the note receivable issued by
				the certified Louisiana capital company or its investment pool for the entire
				term of the note receivable divided by;
(b). the total number of days scheduled to
				elapse from the date on which the certified Louisiana capital company or its
				investment pool issues its note receivable through and including the stated
				maturity date thereof, calculated on a 365 or 360 day year, consistent with the
				calculation of interest on the note receivable.
Louisiana Administrative Code › Title 10 - FINANCIAL INSTITUTIONS, CONSUMER CREDIT, INVESTMENT SECURITIES AND UCC › Part XV - Other Regulated Entities › Chapter 3 - Capital Companies Tax Credit Program › Section XV-327 - Louisiana-Based Economic Development Infrastructure Projects

Current through Register Vol. 50, No. 6, June 20, 2024
A. An applicant seeking this designation for
				an intended investment shall provide to the secretary the following information
				along with the request for this designation:
1. a description of the project;
2. a description of all sources and uses of
				financing for the project;
3. a
				description of the proposed investment;
4. an analysis of how the investment in the
				project furthers economic development within Louisiana;
5. a calculation of the percentage of the
				certified Louisiana capital company's total certified capital and total
				certified capital under management which will be invested in the
				project;
6. an analysis of whether
				the entity in which the certified Louisiana capital company proposes to invest
				is a qualified Louisiana business;
7. an analysis of whether the proposed
				investment meets the criteria set forth in §303 A
Investment
. b;
8. a statement as to whether the business in
				which the certified Louisiana capital company proposes to invest, intends to
				acquire any real estate for resale or whether any real estate in which the
				certified Louisiana capital company proposes to invest is intended to be
				resold;
9. the charter documents
				for the entity that owns the Louisiana-based economic development
				infrastructure project and each intervening entity through which the certified
				Louisiana capital company owns its interest in the Louisiana-based economic
				development infrastructure project; and
10. copies of all management, maintenance,
				operations and other agreements which the certified Louisiana capital company
				contemplates being executed with respect to the Louisiana-based economic
				development infrastructure project, or if no such agreements have yet been
				prepared, a description of all contemplated arrangements.
Louisiana Administrative Code › Title 10 - FINANCIAL INSTITUTIONS, CONSUMER CREDIT, INVESTMENT SECURITIES AND UCC › Part XV - Other Regulated Entities › Chapter 3 - Capital Companies Tax Credit Program › Section XV-331 - Qualified Technology Funds

Current through Register Vol. 50, No. 6, June 20, 2024
A. An
				applicant seeking designation as a qualified technology fund shall provide to
				the secretary the following information along with the request for this
				designation:
1. the charter documents for the
				entity that will constitute the qualified technology fund;
2. copies of any management agreements to
				which the qualified technology fund contemplates being a party, and a
				description of any contemplated comparable arrangement;
3. a reasonably detailed description of how
				the qualified technology fund meets and will continue to meet the criteria of
				R.S.
				51:1923(16);
4. a copy of the qualified technology fund's
				investment policy;
5. evidence in
				form and substance acceptable to the secretary by which the qualified
				technology fund agrees to make all of the investments made by it with the
				proceeds of any investment from a certified Louisiana capital company in
				qualified Louisiana technology-based businesses, as required by
				R.S.
				51:1923(16)(b);
6. a written undertaking of the qualified
				technology fund in form and substance acceptable to the secretary by which the
				qualified technology fund agrees that the commissioner shall regulate the
				investment of the certified capital received by the qualified technology fund
				as required by
				R.S.
				51:1923(16)(d);
7. a written undertaking of the qualified
				technology fund in form and substance acceptable to the secretary by which the
				qualified technology fund agrees to provide:
a. to the secretary by August 1 of each year
				the information required to be included in the secretary's report described in
				R.S.
				51:1927.2, with respect to the operations and
				investments of the qualified technology fund, to the extent that such
				information is relevant to the qualified technology fund; and
b. to the commissioner the information
				required by
				R.S.
				51:1926(F), by the dates set
				forth therein, to the extent that such information is relevant to the qualified
				technology fund; and
8.
				such additional information as may be requested by the secretary with regard to
				the qualified technology fund or its ownership, management or
				operations.
Louisiana Administrative Code › Title 10 - FINANCIAL INSTITUTIONS, CONSUMER CREDIT, INVESTMENT SECURITIES AND UCC › Part XV - Other Regulated Entities › Chapter 5 - Debt Collection Agencies › Subchapter B - Examinations › Section XV-505 - Parameters

Current through Register Vol. 50, No. 6, June 20, 2024
A.Section 3576.2 of
				  the Collection Agency Regulation Act, ("CARA"),
				  R.S. 9:3576.1 et seq.,
				  empowers the Commissioner of Financial Institutions ("Commissioner") to
				  regulate the licensing, operations, and practices of collection agencies and
				  debt collectors to protect the welfare of the citizens of the state of
				  Louisiana.
				  R.S. 9:3576.5.D
				  authorizes the commissioner to examine the books, records, and accounts of all
				  persons regulated by CARA. The commissioner possesses the power to clarify, by
				  rule, the parameters of the examinations performed by the Office of Financial
				  Institutions. Those parameters include the examination of any and all of the
				  records required to determine compliance with the CARA. Licensees are to
				  maintain records in compliance with rules promulgated by the commissioner. The
				  commissioner is further authorized to establish policies and procedures for the
				  examination of in-state and out-of-state collection agencies and debt
				  collectors; such policies and procedures may be modified from time to time to
				  assure compliance with CARA.
AUTHORITY NOTE:
					 Promulgated in accordance with
					 R.S. 9:3576.4 and Senate
					 Concurrent Resolution 65 of the 2001 Regular Session of the Louisiana
					 Legislature.
Louisiana Administrative Code › Title 10 - FINANCIAL INSTITUTIONS, CONSUMER CREDIT, INVESTMENT SECURITIES AND UCC › Part XV - Other Regulated Entities › Chapter 5 - Debt Collection Agencies › Subchapter C - Nonsufficient Funds › Section XV-509 - Collection of Nonsufficient Funds Fees

Current through Register Vol. 50, No. 6, June 20, 2024
A. Purpose. In connection with the recovery
				  of sums represented by returned checks for their clients, certain debt
				  collection agencies are collecting service fees in excess of those allowed by
				  law. The Commissioner of the Office of Financial Institutions is statutorily
				  mandated to implement the provisions of the Collection Agency Regulation Act,
				  (CARA), R.S. 9:3516.1, et seq., as amended, to regulate the licensing,
				  operations, and practices of collection agencies and debt collectors to protect
				  the welfare of the citizens of Louisiana. This rule is being promulgated to
				  clarify the amount of fees and charges which may be collected by debt
				  collection agencies for debts involving checks returned for nonsufficient
				  funds.
B. Definitions. The
				  definitions for the terms utilized in this rule are the same as those provided
				  for in the definitions section of the CARA, and specifically
				  R.S. 9:3576.3.
C. Collection by a Debt Collection Agency. In
				  a debt collection agency's collection of claims represented by checks returned
				  to its clients for nonsufficient funds, the debt collection agency may collect
				  only those fees and charges allowed by Louisiana law, including but not limited
				  to
				  R.S.
				  9:2782.
D. Action. The commissioner may order a debt
				  collection agency to return any fees and charges in excess of those allowed by
				  Louisiana law. Failure to comply with this rule or the commissioner's order
				  shall constitute a violation of the CARA and may subject the debt collection
				  agency to administrative and/or enforcement action by the
				  commissioner.
AUTHORITY NOTE:
					 Promulgated in accordance with
					 R.S.
					 9:3576.4
Louisiana Administrative Code › Title 10 - FINANCIAL INSTITUTIONS, CONSUMER CREDIT, INVESTMENT SECURITIES AND UCC › Part XV - Other Regulated Entities › Chapter 9 - Bond for Deed Escrow Agents › Section XV-901 - Definitions

Current through Register Vol. 50, No. 6, June 20, 2024
Bond for Deed
- a contract to sell real
				  property, in which the purchase price is to be paid by the buyer to the seller
				  in installments and in which the seller, after payment of a stipulated sum,
				  agrees to deliver title to the buyer.
Buyer
- a prospective transferee of title to
				  real property which is the subject of the bond for deed transaction.
Commissioner
- the Commissioner of the Office
				  of Financial Institutions.
Escrow Agent
- a person designated by the
				  parties to a bond for deed transaction who distributes payments made by the
				  buyer to the seller, or on behalf of the seller, to any person in accordance
				  with a written bond for deed escrow agent agreement.
Person
- any individual, firm, corporation,
				  limited liability company, partnership, association, trust, or legal or
				  commercial entity, or other group of individuals, however organized.
Principal Shareholder
- a person owning in
				  excess of 10 percent of the total outstanding shares of a corporation, a
				  limited liability company or other legal or commercial entity.
Real Property
- immovable property located in
				  Louisiana.
Seller
- a prospective transferor of title to
				  real property which is the subject of the bond for deed
				  transaction.
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  6:414(B).
Louisiana Administrative Code › Title 10 - FINANCIAL INSTITUTIONS, CONSUMER CREDIT, INVESTMENT SECURITIES AND UCC › Part XV - Other Regulated Entities › Chapter 9 - Bond for Deed Escrow Agents › Section XV-903 - License Requirement, Ownership Change, Location Change, Name Change, Ceasing to do Business

Current through Register Vol. 50, No. 6, June 20, 2024
A. No
				person, other than a financial institution or other person subject to the
				general supervision or regulation of the commissioner pursuant to Title 6 or
				Title 9 of the Louisiana Revised Statutes of 1950, as amended, shall engage in
				business as a bond for deed escrow agent, unless such person has first obtained
				a license in conformity with this rule. Licenses are only required for those
				persons who wish to act as escrow agent, pursuant to written agreement, for the
				transfer of real property located within the boundaries of the state of
				Louisiana. The license must be prominently displayed at each location where
				business as a bond for deed escrow agent is conducted.
B. A license issued in accordance with this
				rule shall be nontransferable. A licensee shall give 30 days prior written
				notification to the Office of Financial Institutions of any change in ownership
				of 25 percent or more of its outstanding voting securities or equity ownership.
				A change in ownership of more than 50 percent shall require the acquiring
				person to apply for a new license in accordance with the provisions of
				§905 before
				ownership transfer occurs.
C. No
				licensee shall change its name or the location of any office without prior
				written notification to the commissioner. Written notification should be
				submitted 30 days prior to the anticipated date of change.
D. No licensee shall cease doing business
				without providing 30 days prior written notification to the commissioner and
				shall also provide therewith evidence of full compliance with all applicable
				laws and regulations.
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  6:414(B).
Louisiana Administrative Code › Title 10 - FINANCIAL INSTITUTIONS, CONSUMER CREDIT, INVESTMENT SECURITIES AND UCC › Part XV - Other Regulated Entities › Chapter 9 - Bond for Deed Escrow Agents › Section XV-905 - Application for License and Renewal, Forms, Contents, Fees

Current through Register Vol. 50, No. 6, June 20, 2024
A. Applications for licensure shall be in
				such form and contain such information as the commissioner may from time to
				time prescribe. Application forms may be obtained from the Office of Financial
				Institutions. The application shall contain a public section and a confidential
				section as determined by the commissioner.
1.
				The original of the application accompanied by a nonrefundable license fee of
				$150 shall be submitted by U.S. mail or private mail courier in completed form
				to the commissioner. Any other method of delivery shall cause the application
				to be returned.
2. Upon receipt of
				the application the commissioner, or his designee, shall conduct an
				investigation. Additional information not included in the application, which is
				necessary to determine qualification for licensing, may be requested from the
				applicant. Failure to provide the information requested on a timely basis may
				necessitate the return of the application to the applicant or may necessitate
				denial of the application by the commissioner. Processing of an application
				will not be completed until the satisfactory conclusion of such required
				investigation.
Louisiana Administrative Code › Title 10 - FINANCIAL INSTITUTIONS, CONSUMER CREDIT, INVESTMENT SECURITIES AND UCC › Part XV - Other Regulated Entities › Chapter 9 - Bond for Deed Escrow Agents › Section XV-907 - Escrow Deposit Account

Current through Register Vol. 50, No. 6, June 20, 2024
A. No person
				shall engage in business as a bond for deed escrow agent without first
				providing evidence to the commissioner that an escrow deposit account has been
				established for the sole purpose of receiving the proceeds of monthly payments
				paid to the licensee by a buyer. The escrow deposit account shall be
				established with a federally-insured depository institution or branch thereof.
				The licensee shall give the commissioner written authority to examine the
				escrow deposit account and if said account is located in an institution
				domiciled outside of the state of Louisiana, the licensee shall pay any
				reasonable and necessary expenses, in addition to the examination fee permitted
				by §911 of this
				rule, incurred by the commissioner or his designated representatives to conduct
				such an examination. The licensee shall hold all proceeds of monthly payments
				in trust from the moment of their receipt. The licensee shall timely account
				for or deliver to any person any personal property obtained by the escrow agent
				as required by a written bond for deed escrow agent agreement such as money,
				funds, deposits, checks, drafts or other property of any value which has come
				into his hands and which is not his property, or which he is not by law
				entitled to retain. The licensee shall not commingle the proceeds in the escrow
				account with his own property or funds. If the licensee commingles any proceeds
				received from a buyer with his own property or funds controlled by licensee,
				all commingled proceeds and other property shall be considered held in trust by
				licensee in an amount equal to the amount of the proceeds owed any person by a
				buyer, which is to be paid on behalf of a seller.
B. When a licensee ceases to do business as a
				bond for deed escrow agent for any reason, the licensee shall immediately
				supply the commissioner with a written list of all parties that are represented
				by the licensee under all bond for deed escrow agent agreements. The licensee
				shall also supply the commissioner with a written list of all persons to whom
				he/she is required to make payments on behalf of any parties to bond for deed
				escrow agreement. Said lists shall be certified by the escrow agent.
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  6:414(B).
Louisiana Administrative Code › Title 10 - FINANCIAL INSTITUTIONS, CONSUMER CREDIT, INVESTMENT SECURITIES AND UCC › Part XV - Other Regulated Entities › Chapter 9 - Bond for Deed Escrow Agents › Section XV-911 - Record Keeping and Retention, Examination

Current through Register Vol. 50, No. 6, June 20, 2024
A. A bond for deed escrow agent required to
				be licensed under this Chapter shall maintain in his/her office such books,
				records and accounts as are reasonably necessary to allow the commissioner to
				determine whether such bond for deed escrow agent is complying with the
				provisions of this rule and with the provisions of all escrow servicing
				agreements entered into by him/her. Such books, records and accounts shall be
				maintained separate and apart from any other business in which the bond for
				deed escrow agent is involved and shall be kept at the licensed location unless
				otherwise permitted in writing by the commissioner. Further, each licensed bond
				for deed escrow agent shall maintain a record of all bond for deed transactions
				and escrow agent agreements effected by him/her for a period of three years
				following the expiration or termination of such escrow agent agreement. Each
				bond for deed escrow agent licensed by this office shall also maintain a file
				containing the original and/or copies of all complaints filed by sellers,
				buyers or other third parties affected by bond for deed transactions or escrow
				agent agreements entered into by the licensee.
B. The commissioner, or his designee, may
				visit and examine each licensee in accordance with a schedule consonant with
				the use, to the fullest extent possible, of the resources of the Office of
				Financial Institutions, in accordance with good examination practice, to
				determine compliance with this rule, to investigate complaints or for other
				good cause shown. If records are moved outside of the boundaries of Louisiana,
				the bond for deed escrow agent, at the commissioner's option, shall make such
				records available to the commissioner at a location within this state
				convenient to the commissioner or shall pay the reasonable and necessary
				expenses for the commissioner or his representatives to examine such records at
				the place where they are maintained.
C. The commissioner shall assess an
				examination and/or visitation fee of $50 per hour per examiner. If this fee is
				not paid within 30 days after its assessment, the licensee examined shall be
				subject to an administrative penalty of not more than $50 for each day the fee
				is late. The penalty, together with the amount due, plus attorney fees and
				court cost, may be recovered by the commissioner in a civil action brought in
				any court of competent jurisdiction.
D. The commissioner shall have the authority
				to examine the books, records and accounts of any former licensee as they
				pertain to bond for deed escrow activities.
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  6:414(B).
Louisiana Administrative Code › Title 10 - FINANCIAL INSTITUTIONS, CONSUMER CREDIT, INVESTMENT SECURITIES AND UCC › Part XV - Other Regulated Entities › Chapter 9 - Bond for Deed Escrow Agents › Section XV-913 - Significant Developments

Current through Register Vol. 50, No. 6, June 20, 2024
A. Each
				licensee must report any significant developments immediately to the
				commissioner, including but not limited to:
1.
				the filing of any bankruptcy petitions by the licensee;
2. the indictment or conviction of a felony
				by any sole proprietor, partner, director, officer, principal shareholder,
				member or agent of licensee.
Louisiana Administrative Code › Title 10 - FINANCIAL INSTITUTIONS, CONSUMER CREDIT, INVESTMENT SECURITIES AND UCC › Part XV - Other Regulated Entities › Chapter 9 - Bond for Deed Escrow Agents › Section XV-915 - Suspension or Revocation of License

Current through Register Vol. 50, No. 6, June 20, 2024
A. After the licensee has been given notice
				and an opportunity to be heard, the commissioner may suspend or revoke the
				license of a bond for deed escrow agent in accordance with
				R.S.
				6:121.1,
				6:122
				and/or any other relevant provision of law, whenever it has been established
				that the licensee has:
1. violated any
				provisions of the law or regulations applicable hereto, or committed any act
				which would constitute grounds for the refusal of a new license;
2. knowingly provided or caused to be made to
				the commissioner any false or fraudulent misrepresentation of material fact, or
				suppressed or withheld from the commissioner any information which, if
				submitted, would have rendered the licensee ineligible to be licensed under
				this Chapter;
3. refused to permit
				examination by the commissioner of the licensee's books, records or affairs, or
				has refused or failed, within a reasonable time, to furnish information or to
				make a report that may be required by the commissioner under the provisions of
				any applicable law or regulation;
4. violated the reporting requirements set
				out in §913; or
5. failed to
				pay all fees and/or assessments as may be imposed by the Office of Financial
				Institutions.
Louisiana Administrative Code › Title 10 - FINANCIAL INSTITUTIONS, CONSUMER CREDIT, INVESTMENT SECURITIES AND UCC › Part XV - Other Regulated Entities › Chapter 9 - Bond for Deed Escrow Agents › Section XV-917 - Enforcement Powers of the Commissioner

Current through Register Vol. 50, No. 6, June 20, 2024
A. In addition to the enforcement powers
				specifically conferred upon the commissioner by other laws, the commissioner
				shall have such regulatory, investigative, and enforcement authority conferred
				upon him, through the Office of Financial Institutions, pursuant to all other
				enforcement provisions of Title 6 and Title 9 of the Revised Statutes of 1950
				which may be applicable to persons licensed hereunder.
AUTHORITY NOTE:
				  Promulgated in accordance with Act 932 of
				  1993.
Louisiana Administrative Code › Title 10 - FINANCIAL INSTITUTIONS, CONSUMER CREDIT, INVESTMENT SECURITIES AND UCC › Part XV - Other Regulated Entities › Chapter 11 - Money Transmitters › Section XV-1101 - Examinations and Visitations

Current through Register Vol. 50, No. 6, June 20, 2024
A.
				Each individual, partnership, association, or corporation that is licensed to
				sell checks or money orders in Louisiana shall pay the following fees and
				charges to the Office of Financial Institutions for examinations and
				visitations by the Office of Financial Institutions, whether conducted solely
				by the Office of Financial Institutions or jointly with the regulator of such
				activity in other jurisdictions and whether conducted in Louisiana or at the
				licensee's offices outside Louisiana:
1. $50
				per hour for each examiner who participates in the examination or
				visitation;
2. the actual cost of
				subsistence, lodging, and transportation for out-of-state examinations, not to
				exceed the amounts provided for in Division of Administration travel
				regulations in force at the time of such examination or visitation.
Louisiana Administrative Code › Title 10 - FINANCIAL INSTITUTIONS, CONSUMER CREDIT, INVESTMENT SECURITIES AND UCC › Part XV - Other Regulated Entities › Chapter 13 - Repossession Agents › Section XV-1303 - Licensing Requirements and Qualifications

Current through Register Vol. 50, No. 6, June 20, 2024
A. No person shall engage in business as a
				repossession agency, qualifying agent or repossession agent in this state
				without first filing an application, paying a non-refundable application fee,
				and obtaining a license from the commissioner. Every application for a license
				shall contain such information as the commissioner may require when determining
				if the applicant meets the qualifications and requirements for a license. Each
				license expires December 31 and shall be renewed annually by the
				licensee.
B. Repossession Agency
1. No license shall be issued unless the
				commissioner, upon investigation, finds that the financial responsibility,
				character, and fitness of the applicant's qualifying agent/manager, owners,
				partners if the applicant is a partnership, members if the applicant is a
				limited liability company, officers and directors if the applicant is a
				corporation, and the applicant if a sole proprietorship are such as to warrant
				a belief that the business shall be conducted honestly and fairly within the
				purposes of this Chapter and each such person shall meet the following
				requirements:
a. be 18 years of age or older
				and a citizen of the United States or a resident alien holding proper
				documentation to work in the United States;
b. be of good character and fitness;
				and
c. not been convicted of a
				felony in the previous 10 years, regardless that the conviction was expunged,
				set aside, or received a first offense pardon. The only felony conviction which
				shall not be considered for purposes of this Chapter is one which received a
				governor's pardon or president's pardon. The commissioner may require
				fingerprint cards be submitted with the application.
Louisiana Administrative Code › Title 10 - FINANCIAL INSTITUTIONS, CONSUMER CREDIT, INVESTMENT SECURITIES AND UCC › Part XV - Other Regulated Entities › Chapter 13 - Repossession Agents › Section XV-1305 - Renewal Application; Change of Control; Change of Location; Change of Name

Current through Register Vol. 50, No. 6, June 20, 2024
A. Annually by
				November 1 each repossession agency, qualifying agent, repossession agent, and
				apprentice shall file a renewal application and with the exception of the
				qualifying agent pay a non-refundable renewal fee.
1. An annual renewal application received by
				the commissioner postmarked after December 1 shall be accompanied by a late
				filing fee, in addition to the annual renewal fee.
2. If the annual renewal application and
				renewal fee are not received postmarked by December 31, the license shall lapse
				without a hearing or notification, and the license shall not be reinstated;
				however, the person whose license has lapsed may apply for a new license. No
				new license shall be issued upon the filing of a new application by any person
				against whom any penalty or late fee has been imposed unless and until such
				penalty or late fee previously accrued under this Section has been paid, and
				the commissioner has determined that the applicant has the requisite
				qualifications for a license.
Louisiana Administrative Code › Title 10 - FINANCIAL INSTITUTIONS, CONSUMER CREDIT, INVESTMENT SECURITIES AND UCC › Part XV - Other Regulated Entities › Chapter 13 - Repossession Agents › Section XV-1307 - Fees

Current through Register Vol. 50, No. 6, June 20, 2024
A. All fees are
				non-refundable.
1. License Application Fee
a. Repossession Agency (which includes
				qualifying agent)-$1500
b.
				Repossession Agent-$400
c.
				Apprentice-$400
Louisiana Administrative Code › Title 10 - FINANCIAL INSTITUTIONS, CONSUMER CREDIT, INVESTMENT SECURITIES AND UCC › Part XV - Other Regulated Entities › Chapter 13 - Repossession Agents › Section XV-1309 - Conduct of Business

Current through Register Vol. 50, No. 6, June 20, 2024
A.
				Repossession Agency
1. A repossession agency
				shall at all times be responsible for those actions of its employees, including
				its manager, performed in violation of state law and this Chapter when acting
				within the course and scope of his or her employment.
2. A repossession agency shall maintain a
				file or record of the name, address, commencing date of employment, and
				position of each employee, and the date of termination of employment when an
				employee is terminated. The file and records, together with usual payroll
				records, shall be available for inspection by the commissioner or his designee,
				and copies thereof, and information pertaining thereto or contained therein,
				shall be submitted to the commissioner upon request.
3. A repossession agency shall publicly
				display the repossession agency's license and qualifying agent's license at its
				place of business.
4. A
				repossession agency shall give written notice within five business days
				following the termination of a repossession agent or apprentice and reasons for
				the termination.
Louisiana Administrative Code › Title 10 - FINANCIAL INSTITUTIONS, CONSUMER CREDIT, INVESTMENT SECURITIES AND UCC › Part XV - Other Regulated Entities › Chapter 13 - Repossession Agents › Section XV-1311 - Personal Effects

Current through Register Vol. 50, No. 6, June 20, 2024
A. If personal
				effects not covered by a security agreement, are contained in or on collateral
				at the time it is recovered, the effects shall be removed from the collateral
				subject to the security interest, a complete and accurate inventory shall be
				made, and the personal effects shall be stored in a labeled container by the
				repossession agency at a location agreed to by the repossession agency and the
				secured party.
B. The inventory
				shall be in writing, shall state the date and time that it was made, shall
				include the name, address, business hours, and phone number of the person at
				the repossession agency to contact for recovering the personal effects and an
				itemization of all personal effect storage charges that shall be made by the
				repossession agency and shall be signed by the repossession agency employee who
				performs the inventory.
C. The
				following items of personal effects are items determined to present a danger or
				health hazard when recovered by the repossession agency and shall be disposed
				of in the following manner:
1. deadly weapons
				and dangerous drugs shall be turned over to a local law enforcement agency for
				retention. These items shall be entered on the inventory and a notation shall
				be made as to the date and the time and the place the deadly weapon or
				dangerous drug was turned over to the law enforcement agency, and a receipt
				from the law enforcement agency shall be maintained in the records of the
				repossession agency;
2.
				combustibles shall be inventoried and noted as "disposed of, dangerous
				combustible," and the item shall be disposed of in a reasonable, safe, and
				legal manner; and
3. food and other
				health hazard items shall be inventoried and noted as "disposed of, health
				hazard," and disposed of in a reasonable, safe, and legal manner.
Louisiana Administrative Code › Title 10 - FINANCIAL INSTITUTIONS, CONSUMER CREDIT, INVESTMENT SECURITIES AND UCC › Part XV - Other Regulated Entities › Chapter 13 - Repossession Agents › Section XV-1313 - Examination and Record Keeping

Current through Register Vol. 50, No. 6, June 20, 2024
A.
				The commissioner shall have the power to examine all books, records, and
				accounts of all persons regulated under this Chapter.
B. Each repossession agency required to be
				licensed under this Chapter shall maintain in its offices such books, records,
				and accounts of its repossession activities as the commissioner may prescribe
				by policy as required to determine whether such repossession agency is
				complying with the provisions of this Chapter and the rules, regulations, and
				policies promulgated under the provisions of the Additional Default Remedies
				Act,
				R.S. 6:965,
				et seq.
C. Such books, records, and
				accounts shall be maintained separate and apart from any other business which
				the agency is involved. If the repossession agency's books, records, and
				accounts are located outside the state, the agency, at the commissioner's
				option, shall make them available to the commissioner at a location within the
				state convenient to the commissioner, or pay the reasonable and necessary
				expenses for the commissioner or his representatives to examine them at the
				place where they are maintained.
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  6:966.1(D).
Louisiana Administrative Code › Title 10 - FINANCIAL INSTITUTIONS, CONSUMER CREDIT, INVESTMENT SECURITIES AND UCC › Part XV - Other Regulated Entities › Chapter 13 - Repossession Agents › Section XV-1315 - Prohibitions

Current through Register Vol. 50, No. 6, June 20, 2024
A. A repossession
				agent shall not:
1. use a name other than
				that which is on its license;
2.
				contract with a secured party for self-help repossession who is not authorized
				by the Additional Default Remedies Act to use the provisions of that
				Act;
3. allow an unlicensed person
				to repossess collateral; or
4.
				allow an apprentice to repossess collateral without on-site supervision of a
				repossession agent, except as provided in LAC 10:XV.1303(E)(3);
5. use a tow truck unless such vehicle is
				compliant with the applicable provisions and rules of the Louisiana Towing and
				Storage Act (R.S. 32:1771 et seq. and LAC 55:1901 et seq.).
Louisiana Administrative Code › Title 10 - FINANCIAL INSTITUTIONS, CONSUMER CREDIT, INVESTMENT SECURITIES AND UCC › Part XV - Other Regulated Entities › Chapter 13 - Repossession Agents › Section XV-1319 - Notification or Service

Current through Register Vol. 50, No. 6, June 20, 2024
A.
				Whenever a person becomes licensed by the commissioner, pursuant to this
				Chapter, such person shall provide a physical address to the commissioner that
				may be used as a basis for service or notification of any order or other
				issuance or communication by the commissioner to such person. Whenever such
				person changes his physical address, he shall notify the commissioner at least
				30 days prior to the change. Notification or service of any order, notice, or
				other issuance or communication by the commissioner by certified mail to the
				address most recently provided to him by the person shall satisfy all
				requisites of service required for any registration, administrative
				enforcement, or other action, undertaken by him pursuant to the Louisiana
				Administrative Procedure Act or otherwise, in connection with such
				person.
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  6:966.1(D).
Louisiana Administrative Code › Title 10 - FINANCIAL INSTITUTIONS, CONSUMER CREDIT, INVESTMENT SECURITIES AND UCC › Part XV - Other Regulated Entities › Chapter 13 - Repossession Agents › Section XV-1321 - 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
				application.
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  6:966.1(D).
Louisiana Administrative Code › Title 10 - FINANCIAL INSTITUTIONS, CONSUMER CREDIT, INVESTMENT SECURITIES AND UCC › Part XV - Other Regulated Entities › Chapter 15 - Licensure › Section XV-1501 - Definitions

Current through Register Vol. 50, No. 6, June 20, 2024
Licensee
-a person licensed by the
				  commissioner under the provisions of the:
1. Louisiana Check Cashers Act-R.S.
				  6:1001 et seq.;
2. Louisiana Sale of Checks and Money Transmission
				  Act-R.S. 6:1031 et
				  seq.;
3. Louisiana Consumer Credit Law-R.S.
				  9:3510 et seq.;
4. Louisiana Credit Repair Services Organizations
				  Act-R.S.
				  9:3573.1 et seq.;
5. Louisiana Collection Agency Regulation Act-R.S. 9:3576.1 et
				  seq.;
6. Louisiana Deferred Presentment and Small Loan
				  Act-R.S. 9:3578.1 et
				  seq.; and
7. Louisiana Pawnshop Act-R.S.
				  37:1781 et seq.
Loan
-a loan means an advance of funds to a
				  Louisiana consumer for personal, family, or household purposes. A loan as
				  defined herein shall not include a loan contracted for under the provisions of
				  the Louisiana Residential Mortgage Lending Act or a mortgage loan which is
				  preempted by federal law.
Loan Broker
-a person who, for compensation
				  or the expectation of compensation regardless of its source, obtains or offers
				  to obtain a loan from a third party wherever domiciled, if the broker is
				  operating in Louisiana.
AUTHORITY NOTE:
				  Promulgated in accordance with R.S. 6:121(B)(1) and
				  9:3554(B).
Louisiana Administrative Code › Title 10 - FINANCIAL INSTITUTIONS, CONSUMER CREDIT, INVESTMENT SECURITIES AND UCC › Part XV - Other Regulated Entities › Chapter 15 - Licensure › Section XV-1503 - Licensure of Loan Brokers

Current through Register Vol. 50, No. 6, June 20, 2024
A. No
				person having an office in Louisiana shall broker a loan in Louisiana unless
				exempt by statute, without first being licensed and complying with the
				provisions of the Louisiana Loan Brokers Act.
B. Any licensee who performs loan brokerage
				activity or who enters into a loan brokerage agreement in Louisiana without
				first being licensed and complying with the provisions of the LLBA may be
				subject to having any other Louisiana license issued by the commissioner which
				they hold suspended or revoked by the commissioner.
AUTHORITY NOTE:
				  Promulgated in accordance with R.S. 6:121(B)(1) and
				  9:3554(B).
Louisiana Administrative Code › Title 10 - FINANCIAL INSTITUTIONS, CONSUMER CREDIT, INVESTMENT SECURITIES AND UCC › Part XV - Other Regulated Entities › Chapter 15 - Licensure › Section XV-1505 - Prohibition

Current through Register Vol. 50, No. 6, June 20, 2024
A. A person
				licensed or exempt from licensure as a loan broker, is prohibited from
				brokering a loan to a Louisiana consumer which does not comply with the LCCL or
				LDPSLA.
AUTHORITY NOTE:
				  Promulgated in accordance with R.S. 6:121(B)(1) and
				  9:3554(B).
Louisiana Administrative Code › Title 10 - FINANCIAL INSTITUTIONS, CONSUMER CREDIT, INVESTMENT SECURITIES AND UCC › Part XV - Other Regulated Entities › Chapter 15 - Licensure › Section XV-1507 - Civil Money Penalties

Current through Register Vol. 50, No. 6, June 20, 2024
A. Any
				person or licensee who is found to be in violation of this regulation may be
				subject to any and all of the administrative and enforcement proceedings
				provided by
				R.S.
				9:3554.
AUTHORITY NOTE:
				  Promulgated in accordance with R.S. 6:121(B)(1) and
				  9:3554(B).
Louisiana Administrative Code › Title 10 - FINANCIAL INSTITUTIONS, CONSUMER CREDIT, INVESTMENT SECURITIES AND UCC › Part XV - Other Regulated Entities › Chapter 15 - Licensure › Section XV-1509 - Administrative Procedure

Current through Register Vol. 50, No. 6, June 20, 2024
A. The
				Louisiana Administrative Procedure Act,
				R.S.
				49:950 et seq., shall govern all proceedings
				instituted under the coverage of this rule.
AUTHORITY NOTE:
				  Promulgated in accordance with R.S. 6:121(B)(1) and
				  9:3554(B).
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-1701 - Description of Program

Current through Register Vol. 50, No. 6, June 20, 2024
A. These rules
				implement the Louisiana Community Development Financial Institution (LCDFI)
				Program pursuant to
				R.S.
				51:3081 et seq. This program was created by
				Act 491 of the 2005 Louisiana Legislature to further community development,
				diminish poverty, provide assistance in the formation and expansion of
				businesses in economically distressed areas, which create jobs in the state by
				providing for the availability of venture capital financing to entrepreneurs,
				managers, inventors, and other individuals for the development and operation of
				Louisiana entrepreneurial businesses.
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  51:3081 et
				  seq.
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-1703 - Applications

Current through Register Vol. 50, No. 6, June 20, 2024
A. A company
				organized and existing under the laws of Louisiana, created for the purpose of
				making qualified investments, as required in
				R.S.
				51:3081 et seq., shall make written
				application for certification to the commissioner on application forms provided
				by the office.
1. An application fee as
				prescribed by LAC 10:XV.1712 shall be submitted with the application. Checks
				should be payable to the Office of Financial Institutions.
2. This office reserves the right to return
				the application to the applicant if the fee submitted is incorrect. The
				application may be resubmitted with the correct fee. The application will not
				be considered officially received and accepted until the appropriate fee is
				submitted. Application fees are nonrefundable.
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-1704 - Certification Instructions and Guidelines

Current through Register Vol. 50, No. 6, June 20, 2024
A. The application shall contain the
				following specific information:
1. name of
				applicant;
2. date of
				application;
3. address of
				applicant;
4. Louisiana corporate
				certification number and certified copies of the articles of incorporation and
				initial report filed with the Louisiana Secretary of State;
5. a federal tax identification
				number;
6. phone number, address
				and zip code;
7. a copy of any
				bylaws executed by the board of directors;
8. the designation of a correspondent, agent
				or person responsible for responding to questions relating to the
				application;
9. a resolution of the
				board of directors of the applicant corporation authorizing, empowering and
				directing an officer of the applicant corporation to apply for certification as
				a LCDFI, and to sign said application;
10. current (less than one year) financial
				statements for all incorporators and initial d directors;
11. description of the LCDFI's business plan,
				in a narrative form, which shall include, at a minimum, the following:
a. a description of the LCDFI's statement of
				purpose and organization;
b. types
				of lending and financing it intends to offer and to whom;
c. whether it intends to provide management
				assistance, and if so, to what extent and to whom;
d. whether the LCDFI will be a profit or
				nonprofit corporation;
e. pro forma
				financial statements for the three consecutive years following the filing of
				the application, showing future earnings prospects;
f. a proposed net worth structure as required
				by
				R.S.
				51:3086(B);
12. a list of all of current
				directors, officers and controlling persons;
13. biographical information concerning the
				proposed directors, officers and controlling persons, including personal
				information, rÉsumÉ of each person's education, their employment
				record and prior associations or position with other LCDFI's and in what
				capacity in or out of Louisiana;
14. form granting the commissioner authority
				to obtain information from outside sources;
15. evidence that the applicant entity has
				been certified as a Community Development Financial Institution by the United
				States Department of the Treasury; and
16. other pertinent information as may be
				required by the commissioner in his sole discretion.