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-511 - Deposit Production Office

Current through Register Vol. 50, No. 6, June 20, 2024
A. Definitions
Commissioner
-the commissioner of the
					 Louisiana Office of financial institutions.
Deposit 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 deposit products offered by such financial institution,
					 solicit deposits, and assist persons in completing application forms and
					 related documents to open deposit accounts. A deposit production office may be
					 a wholly-owned operating subsidiary of a financial institution. A deposit
					 production office may also be referred to in this rule as a "DPO".
Federal Financial Institution
-any national
					 bank or 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 Louisiana financial institution indicating
					 its intent to establish a deposit production office. The letter of notification
					 shall identify the Louisiana financial institution and provide the municipal
					 address of the proposed DPO 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 with a request to exceed
					 this threshold pursuant to LAC X:I.1101.
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 in the District of Columbia.
B. Prior Notification
1. In accordance with
				  R.S.
				  6:453, a Louisiana financial institution
				  seeking to open a deposit production office shall provide written prior
				  notification, to the commissioner, of the planned deposit production office.
				  The notification shall be sent to the commissioner at least 45 days prior to
				  the proposed opening date of the DPO.
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, the Louisiana financial institution
				  plans to share the location of the DPO with another financial institution, the
				  name and domicile of each such other financial institution shall be included in
				  the written prior notice to the commissioner.