reglab/statecodes huggingface dataset:
Louisiana Administrative Code › Title 10 - FINANCIAL INSTITUTIONS, CONSUMER CREDIT, INVESTMENT SECURITIES AND UCC › Part I - Financial Institutions › Chapter 5 - Applications and Notices › Subchapter A - Certificate of Authority for New Financial Institutions; Branches; or Relocation of Main Office or Branch Office › Section I-503 - Application for Certificate of Authority

Current through Register Vol. 50, No. 6, June 20, 2024
A. Scope. This rule applies to applications
				  for a certificate of authority under
				  R.S.
				  6:101 et seq.
B. Application Filing and Notice
1. Applications 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 the commissioner. The
				  application shall contain a public section and a confidential section. The
				  public section shall include comments and information submitted by interested
				  persons in favor of or in opposition to such application.
2. The original and one copy of the
				  application must be submitted in completed form to the commissioner. Applicants
				  seeking a certificate of authority to operate as a savings bank must also
				  submit a business plan as required by R.S. 6:1125. Any application not
				  substantially complete will not be accepted for filing and will be returned to
				  the applicant resulting in processing delay.
3. Within 30 days prior to receipt of
				  application by the commissioner, applicant must publish a one-time notice in a
				  newspaper of general circulation in the community in which the
				  institution/branch is to be located. The published notice will contain such
				  information as deemed necessary by the commissioner. A sample notice will be
				  provided together with the application forms.
4. Proof of publication must be submitted to
				  the commissioner before processing of the application can be completed. In the
				  case of an acquisition of a failed or failing financial institution,
				  requirement for publishing a notice will be waived.
5. Upon acceptance of the application for
				  filing, notice in writing will be given to financial institutions in the
				  community in which the institution/branch office is to be located. This notice
				  will allow for a reasonable comment period, normally 14 calendar
				  days.
6. Upon acceptance of the
				  application for filing, the commissioner or any examiner or examiners
				  designated by the commissioner will conduct an investigation. Information not
				  included in the application, which is necessary to determine the six factors
				  described below, will be requested from the applicant. Processing of an
				  application will not be completed until the satisfactory conclusion of the
				  investigation.
Louisiana Administrative Code › Title 10 - FINANCIAL INSTITUTIONS, CONSUMER CREDIT, INVESTMENT SECURITIES AND UCC › Part I - Financial Institutions › Chapter 5 - Applications and Notices › Subchapter A - Certificate of Authority for New Financial Institutions; Branches; or Relocation of Main Office or Branch Office › Section I-505 - Application to Relocate a Main Office or Branch Office

Current through Register Vol. 50, No. 6, June 20, 2024
A. A financial institution desiring to
				  relocate its main office or an existing branch office must make application to
				  the commissioner. Five of the above factors to be considered for a new branch
				  office will also be considered for a relocation. Convenience and needs of the
				  community will not be considered for a branch office relocation since a
				  relocation does not substantially affect the nature of business or customers
				  served. An application to relocate a main office must address the convenience
				  and needs of the community unless the relocation does not substantially affect
				  the nature of business or customers served.
AUTHORITY NOTE:
					 Promulgated in accordance with
					 R.S.
					 6:121(B)(1).
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-513 - Combination of Loan Production Office, Deposit Production Office, and Electronic Financial Terminal

Current through Register Vol. 50, No. 6, June 20, 2024
A.
				  Definitions. For purposes of this Section, the definitions provided in
				  §509 are
				  applicable.
B. Combined Prior
				  Notification
1. Any Louisiana financial
				  institution seeking to operate at the same location, a loan production office,
				  a deposit production office, and an electronic financial terminal, or any
				  combination of these facilities, shall provide written notice to the
				  commissioner at least 45 days prior to the proposed opening date.
2. A Louisiana financial institution may
				  satisfy the notice requirements of
				  R.S.
				  6:452 and 453 by submitting one combined
				  written notice to the commissioner pursuant to this Section.
Louisiana Administrative Code › Title 10 - FINANCIAL INSTITUTIONS, CONSUMER CREDIT, INVESTMENT SECURITIES AND UCC › Part I - Financial Institutions › Chapter 9 - Records Retention › Section I-901 - Records Retention Schedule

Current through Register Vol. 50, No. 6, June 20, 2024
A.
				Each depository institution subject to the regulation and supervision of the
				Office of Financial Institutions shall retain such minimum records which are
				deemed necessary for the examination and supervision of such institutions by
				this office and for such minimum retention periods as determined by the
				commissioner and set forth in a "record retention schedule." This rule does not
				replace the institution's responsibility to create, implement, and maintain its
				own comprehensive record retention program, consistent with the institution's
				strategic goals and objectives. Such records may be retained in various forms
				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 reproduced into hard copies.
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  6:127.
Louisiana Administrative Code › Title 10 - FINANCIAL INSTITUTIONS, CONSUMER CREDIT, INVESTMENT SECURITIES AND UCC › Part I - Financial Institutions › Chapter 11 - Premises › Section I-1101 - Holding of Property for Premises Purposes

Current through Register Vol. 50, No. 6, June 20, 2024
A. Definitions
New Institution
-any bank, savings bank,
				  savings and loan association, or credit union that has been chartered by this
				  office for less than three years.
Premises and Fixed Assets
-the net book
				  value of all land, buildings, leasehold improvements, and furniture, fixtures,
				  and equipment used by the institution to conduct its business or held for
				  future expansion. Additionally, this amount shall include any assets related to
				  a capital lease and shall not include other real estate owned.
Tier 1 Capital
-as defined in Part 325 of
				  the Federal Deposit Insurance Corporation's Rules and Regulations for banks and
				  savings banks and Part 567 of the Office of Thrift Supervision's Rules and
				  Regulations for savings and loan associations.
Net Worth
-as defined in Section 702. 2(f)
				  of the National Credit Union Administration's rules and regulations for credit
				  unions.
B. Limitation
1. Without the prior approval of the
				commissioner, no bank, savings bank, or savings and loan association shall
				invest more than 50 percent of its Tier 1 capital plus the allowance for loan
				and lease losses in premises and fixed assets, and no credit union shall invest
				more than 50 percent of its net worth plus the allowance for loan and lease
				losses. For new institutions, the limitation shall be 45 percent.
Louisiana Administrative Code › Title 10 - FINANCIAL INSTITUTIONS, CONSUMER CREDIT, INVESTMENT SECURITIES AND UCC › Part I - Financial Institutions › Chapter 13 - Powers of Homesteads and Building and Loan Associations › Section I-1301 - Corporate Title

Current through Register Vol. 50, No. 6, June 20, 2024
A. A federal
				savings association may use the word "bank" in its title since this word is not
				considered to misrepresent the nature of this institution or the services it
				offers. Similarly,
				R.S.
				6:712(A) states that "an
				association shall not adopt a corporate name which indicates or implies that it
				is organized for any purpose other than one or more of the purposes contained
				in its articles of incorporation." Since savings associations are chartered to
				conduct the "business of banking," as defined in
				R.S.
				6:2(3), the commissioner
				deems it necessary and in the best interest of state-chartered associations to
				grant parity with federal savings associations and allow the inclusion of the
				word "bank" in their corporate names.
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  6:902(B).
Louisiana Administrative Code › Title 10 - FINANCIAL INSTITUTIONS, CONSUMER CREDIT, INVESTMENT SECURITIES AND UCC › Part I - Financial Institutions › Chapter 15 - Louisiana Trust Company › Section I-1501 - General Provisions

Current through Register Vol. 50, No. 6, June 20, 2024
A. The
				Depository Institutions' Section of the Louisiana Office of Financial
				Institutions ("OFI") is funded entirely through assessments and fees levied on
				state-chartered financial institutions for services rendered. All fees detailed
				in this rule are nonrefundable and must be paid at the time the application is
				filed with this office. An applicant may submit a request that a reduced fee be
				charged for the simultaneous filing of similar multiple applications other than
				de novo applications. This request will not be approved for applications that
				are not expected to be consummated within 12 months of the filing
				date.
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  6:121; 6:576; 6:592; and
				  6:613.
Louisiana Administrative Code › Title 10 - FINANCIAL INSTITUTIONS, CONSUMER CREDIT, INVESTMENT SECURITIES AND UCC › Part I - Financial Institutions › Chapter 15 - Louisiana Trust Company › Section I-1503 - Fees and Assessments

Current through Register Vol. 50, No. 6, June 20, 2024
A.
				Pursuant to the authority granted under
				R.S.
				6:121; 6:576; 6:592; and 6:613, the following
				fee and assessment structure is hereby established to cover necessary costs
				associated with the administration of the Louisiana Trust Company Law,
				R.S. 6:571 et
				seq.
Description
Fee
A. Application for a de novo public trust company,
							 or the merger or consolidation of public trust companies.
$10,000
B. The conversion from a national or
							 federally-chartered trust company to a state-chartered public trust company.
$1,500
C. Application for a Louisiana trust company to
							 establish a trust office or trust representative office.
Standard Form: $1,000
Short Form: $250
D. Application to form a de novo private trust
							 company
$5,000
E. Application for a conversion or merger of a
							 state-chartered trust company into a federally chartered depository institution
							 or a federal trust company.
$1,500
F. Semi-annual assessment for each public trust
							 company domiciled in Louisiana to be assessed no later than June 30th and
							 December 31st.
$2,500
G. Semi-annual assessment for each private trust
							 company domiciled in Louisiana to be assessed no later than June 30th and
							 December 31st.
$1,000
H. Examination fee for each trust company domiciled
							 in Louisiana . Fee per examiner.
$50 per hour
I. Review of a restatement and/or amendment to the
							 Articles of Incorporation of a state-chartered Louisiana trust company.
$250
J. Application by a state-chartered trust company to
							 establish or acquire a subsidiary.
$500
K. Annual certification for each private trust
							 company
$500
L. The conversion from a private trust company to a
							 public trust company.
$5,000
M. Examination fee for each out-of-state branch,
							 administrative office, trust production office, or representative office of any
							 trust company domiciled in Louisiana .
Any fees assessed pursuant to this rule plus any
							 amounts assessed by the host state regulator for participating in the
							 examination of the Louisiana entity.
N. Examination fee for each branch, administrative
							 office, or representative office of any out-of-state trust company operating in
							 Louisiana in the absence of a sharing agreement between OFI and the host state
							 that establishes fees for examinations and other administrative cost. This fee
							 shall be billed to the primary regulator of the out-of-state entity being
							 examined, and due upon receipt of the OFI invoice.
$50/hour per examiner plus the actual expenses
							 incurred by this office to conduct or assist in conducting such examinations.
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  6:121; 6:576; 6:592; and
				  6:613.
Louisiana Administrative Code › Title 10 - FINANCIAL INSTITUTIONS, CONSUMER CREDIT, INVESTMENT SECURITIES AND UCC › Part III - Banking › Chapter 3 - Powers › Subchapter A - Miscellaneous Lending Activities › Section III-301 - Direct Lease-Financing Transactions

Current through Register Vol. 50, No. 6, June 20, 2024
A. Direct lease-financing transactions are
				  valid and proper activities that Louisiana state banks may engage in, in their
				  course of business under the following.
1. A
				  Louisiana state bank may become the owner and lessor of personal and real
				  property upon the specific request of and for the use of a
				  lessee-customer.
2. The leasing
				  agreement is to serve as the functional equivalent of an extension of credit to
				  the lessee while preserving to the banks such lessor's rights as are contained
				  in the lease.
3. The lease must
				  provide for definite monthly payments, the total of which, together with a
				  reasonable "residual," will return to the lessor bank its full investment in
				  the property, its cost of financing and a reasonable profit.
4. The lease must be on a nonoperating basis
				  whereby the lessee assumes all expenses of maintaining the property.
5. The term of the lease shall in no event
				  exceed 10 years.
6. The total
				  investment by a bank for the benefit of any customer engaged in a
				  lease-financing transaction shall at no time exceed 10 percent of the capital
				  and surplus of such bank.
7. The
				  total investment by a bank in leasing shall not exceed 3 percent of total
				  assets.
8. The commissioner may at
				  any time inspect and review any and all lease-financing transactions engaged in
				  by state banks in Louisiana.
Louisiana Administrative Code › Title 10 - FINANCIAL INSTITUTIONS, CONSUMER CREDIT, INVESTMENT SECURITIES AND UCC › Part III - Banking › Chapter 3 - Powers › Subchapter A - Miscellaneous Lending Activities › Section III-303 - Banker's Acceptances

Current through Register Vol. 50, No. 6, June 20, 2024
A. A
				  state bank may participate in total eligible bankers' acceptances to any one
				  bank in an amount not to exceed 200 per centum of the paid-up and unimpaired
				  capital stock and surplus of the purchasing bank. Eligible acceptances shall be
				  those defined in Title 12 of the United States Code, Sections 372 A state bank
				  may participate in total ineligible bankers' acceptances subject to the legal
				  loan limits prescribed by R.S. 6:259.
AUTHORITY NOTE:
					 Promulgated in accordance with R.S. 6:237(B) and R.S.
					 6:259.
Louisiana Administrative Code › Title 10 - FINANCIAL INSTITUTIONS, CONSUMER CREDIT, INVESTMENT SECURITIES AND UCC › Part III - Banking › Chapter 3 - Powers › Subchapter A - Miscellaneous Lending Activities › Section III-307 - Agreement Corporations

Current through Register Vol. 50, No. 6, June 20, 2024
A.
				  Activities engaged in by a corporation ("agreement corporation") (under an
				  agreement with the Board of Governors of the Federal Reserve System (the
				  "Federal Reserve"), including an agreement under Section 25 of the Federal
				  Reserve Act (12 U.S.C. §
											601 - 604 (a)), pursuant to which agreement such
				  corporation's activities are limited to those which may be performed by a
				  corporation ("edge corporation") organized under Section 25(a) of such act (12 U.S.C. §
											611 - 613), shall be deemed not to constitute a banking business
				  and an agreement corporation engaging in such activities shall be deemed not to
				  be a bank, so long as its activities are at all times subject to regulation by
				  the Federal Reserve and limited to those activities which may be performed in
				  accordance with any regulations issued by or agreements with the Federal
				  Reserve applicable to such agreement corporation. The Commissioner of Financial
				  Institutions may, however, visit and examine an agreement corporation engaging
				  in such activities in Louisiana whenever in his judgment an examination of its
				  affairs is necessary or expedient.
AUTHORITY NOTE:
					 Promulgated in accordance with R.S.
					 6:237(B).
Louisiana Administrative Code › Title 10 - FINANCIAL INSTITUTIONS, CONSUMER CREDIT, INVESTMENT SECURITIES AND UCC › Part III - Banking › Chapter 3 - Powers › Subchapter B - Legal Lending Limit Exception-Real Estate Financing › Section III-311 - Authority and Purpose

Current through Register Vol. 50, No. 6, June 20, 2024
A. This
				  regulation is issued pursuant to the authority provided by §415(7) of
				  Title 6 of the Louisiana Revised Statutes (R.S.).
B. It is the purpose of this regulation to
				  provide a method by which a state bank may exceed lending limit restrictions,
				  imposed by
				  R.S.
				  6:415(A), when financing the
				  sale of other real estate.
AUTHORITY NOTE:
					 Promulgated in accordance with Act 1129 of
					 1992.
Louisiana Administrative Code › Title 10 - FINANCIAL INSTITUTIONS, CONSUMER CREDIT, INVESTMENT SECURITIES AND UCC › Part III - Banking › Chapter 3 - Powers › Subchapter B - Legal Lending Limit Exception-Real Estate Financing › Section III-313 - Definitions

Current through Register Vol. 50, No. 6, June 20, 2024
A. For purposes of
				  these regulations, the following terms shall have these meanings.
Commissioner
- the Commissioner of
					 Financial Institutions.
Directors, Executive Officers, and Principal
					 Shareholders of the Originating Bank
- persons so defined under the
					 Federal Reserve Board's Regulation O, Title 12,
Code of Federal
					 Regulations
, Section 215. 2, and shall apply with respect to every
					 director, executive officer, and principal shareholder of a non-member bank in
					 the same manner and to the same extent as if the non-member bank were a member
					 bank.
Lending Limit(s)
- lending restrictions
					 imposed by
					 R.S.
					 6:415(A).
Other Real Estate
- an identified parcel or
					 tract of land with or without improvements, and including easements, rights of
					 way, undivided or future interests, and any accessory rights or interests
					 involving the associated parcel or tract of land.
Other real
					 estate
shall include property acquired in accordance with
					 R.S.
					 6:243(A).
State Bank or Bank
- for purposes of this
					 regulation
state bank
or
bank
means any
					 corporation organized under the provisions of Chapter 3 of R.S. Title 6, as a
					 state commercial bank.
AUTHORITY NOTE:
					 Promulgated in accordance with Act 1129 of
					 1992.
Louisiana Administrative Code › Title 10 - FINANCIAL INSTITUTIONS, CONSUMER CREDIT, INVESTMENT SECURITIES AND UCC › Part III - Banking › Chapter 3 - Powers › Subchapter C - Exchange of Other Real Estate › Section III-321 - Authority and Purpose

Current through Register Vol. 50, No. 6, June 20, 2024
A. This
				  regulation is issued pursuant to the authority provided by
				  R.S.
				  6:243(B)(5).
B. It is the purpose of this regulation to
				  provide for those exceptions where a bank may exchange any property, lawfully
				  acquired as provided by
				  R.S.
				  6:243 A.
AUTHORITY NOTE:
					 Promulgated in accordance with
					 R.S.
					 6:243(B)(5).
Louisiana Administrative Code › Title 10 - FINANCIAL INSTITUTIONS, CONSUMER CREDIT, INVESTMENT SECURITIES AND UCC › Part III - Banking › Chapter 3 - Powers › Subchapter C - Exchange of Other Real Estate › Section III-323 - Definitions

Current through Register Vol. 50, No. 6, June 20, 2024
A. For purposes of
				  these regulations, the following terms shall have these meanings.
Commissioner
- the Commissioner of
					 Financial Institutions.
Current Appraisal
- an appraisal which has
					 been obtained within 12 months prior to the exchange, provided there has been
					 no significant change to the property.
Exchanged Property
- property lawfully
					 acquired by a bank pursuant to
					 R.S.
					 6:243(A) which is exchanged
					 for property in compliance with this regulation.
AUTHORITY NOTE:
					 Promulgated in accordance with
					 R.S.
					 6:243(B)(5).
Louisiana Administrative Code › Title 10 - FINANCIAL INSTITUTIONS, CONSUMER CREDIT, INVESTMENT SECURITIES AND UCC › Part III - Banking › Chapter 3 - Powers › Subchapter C - Exchange of Other Real Estate › Section III-325 - Regulation

Current through Register Vol. 50, No. 6, June 20, 2024
A. A bank, solely
				  for the purpose of minimizing potential loss, may exchange property which is
				  complex (including an undivided interest), difficult and/or uneconomical to
				  maintain for property which is less complex, less difficult and/or more
				  economical to maintain. This would include residential property exchanged for
				  residential property of a lesser value.
1.
				  Any such exchange must have prior approval of the bank's board of directors.
				  The approval must be documented in the board minutes and contain the rationale
				  to support the exchange.
2. The
				  exchange must be supported by current appraisals of both the exchanged property
				  and the property acquired in the exchange. The appraisals must be performed by
				  an independent appraiser and contain sufficient documentation to support the
				  value derived.
3. The bank must
				  maintain on file for examiner review, supporting documentation of any exchange
				  made since the previous examination, including the bank's marketing efforts to
				  dispose of the previously held and exchanged parcel of real estate.
4. The 10-year divestiture period as required
				  by
				  R.S.
				  6:243(B)(1) shall begin on
				  the original date of acquisition of the exchanged property, not the date of
				  exchange. As allowed by
				  R.S.
				  6:243(B)(2), a bank may
				  choose to reduce the value of immovable property by at least one-tenth of the
				  original book value each year that the property is held. If the bank has chosen
				  this option for the exchanged property, the property acquired from the exchange
				  must be reduced by at least an equal rate each year to insure a zero balance at
				  the end of the divestiture period.
5. The book value of the property acquired in
				  the exchange cannot exceed either the book value of the exchanged property or
				  appraised value, whichever is less.
Louisiana Administrative Code › Title 10 - FINANCIAL INSTITUTIONS, CONSUMER CREDIT, INVESTMENT SECURITIES AND UCC › Part III - Banking › Chapter 3 - Powers › Subchapter D - Legal Lending Limit Exception-Acquisition of Loan Pools › Section III-331 - Authority and Purpose

Current through Register Vol. 50, No. 6, June 20, 2024
A. This rule
				  provides an exception to a state bank's legal lending limit based on the
				  treatment of a loan pool acquisition under
				  R.S.
				  6:415(A)(6).
AUTHORITY NOTE:
					 Promulgated in accordance with Act 1129 of
					 1992.
Louisiana Administrative Code › Title 10 - FINANCIAL INSTITUTIONS, CONSUMER CREDIT, INVESTMENT SECURITIES AND UCC › Part III - Banking › Chapter 3 - Powers › Subchapter D - Legal Lending Limit Exception-Acquisition of Loan Pools › Section III-333 - Definitions

Current through Register Vol. 50, No. 6, June 20, 2024
Creditworthy
- meeting established
					 standards which are positive assessments of a borrower's ability to repay
					 debt.
Executive Officer
- an officer of the bank
					 selected by the board of directors at the level of vice president or above
					 possessing sufficient technical knowledge of and experience in the lending and
					 collection functions of the bank.
Legal Lending Limit
- the level of both
					 direct and indirect extensions of credit that a bank may have outstanding at
					 one time to any one individual borrower as established under
					 R.S.
					 6:415.
Loan Pool
- a group of individual loans
					 that are packaged by the present owner for sale to another party.
Originating Officer
- officer of the bank
					 who initiates and/or is involved in negotiation for the bank's consideration of
					 the purchase of a pool of loans.
Qualified Third Party
- a person contracted
					 by the bank who has prior experience in and technical knowledge of the lending
					 and collection functions of a bank and/or sufficient prior experience in credit
					 analysis.
Recourse
- the added protection that if a
					 certain event or chain of events occurs, the seller will buy back or reimburse
					 purchaser for loss sustained on those assets previously sold. May include a
					 guaranty and/or reserve placed with bank by the seller.
Representative Portion
- a sampling of
					 loans included in the pool sufficient in dollar volume and/or number to
					 reasonably assure the bank that the total package complies with all of the
					 bank's internal underwriting guidelines.
AUTHORITY NOTE:
					 Promulgated in accordance with Act 1129 of
					 1992.
Louisiana Administrative Code › Title 10 - FINANCIAL INSTITUTIONS, CONSUMER CREDIT, INVESTMENT SECURITIES AND UCC › Part III - Banking › Chapter 3 - Powers › Subchapter D - Legal Lending Limit Exception-Acquisition of Loan Pools › Section III-335 - Review of Representative Portion

Current through Register Vol. 50, No. 6, June 20, 2024
A. Designation of Person. The board of
				  directors shall adopt a resolution in writing designating an executive officer
				  of the bank or qualified third party to conduct a review of a representative
				  portion of the pool of loans to determine that the individual borrowers appear
				  creditworthy. If the board designates an officer of the bank to conduct the
				  review, the person designated shall be someone other than the originating
				  officer.
B. Documentation of
				  Sample. The person designated by the board shall document the method by which
				  the bank selected a representative portion of loans from the pool for review.
				  The board shall document both its review of the method chosen and its reasons
				  for acceptance of the method of selection.
C. Board Discussion of Initial Review. Prior
				  to purchase, the board should discuss all aspects of the purchase, including
				  the initial review of sampling of loans within the pool, agreements to be
				  entered into between the bank and the seller, and any additional information
				  that is necessary for the board to make a fully informed decision. This
				  discussion shall be fully noted within the board minutes.
D. Loan Review
1. On each loan selected for review, the
				  following information should be documented:
a.
				  date of review;
b. borrower's
				  name;
c. original loan
				  amount;
d. present balance of the
				  loan;
e. purpose of the
				  loan;
f. description of collateral
				  pledged, if applicable;
g.
				  collateral value and how obtained;
h. holder of any prior liens and the balance
				  of same, if applicable;
i. payment
				  history of the loan, if applicable;
j. credit history of borrower;
k. any documentation exceptions;
l. any other information deemed necessary for
				  the proper analysis of the credit.
Louisiana Administrative Code › Title 10 - FINANCIAL INSTITUTIONS, CONSUMER CREDIT, INVESTMENT SECURITIES AND UCC › Part III - Banking › Chapter 3 - Powers › Subchapter D - Legal Lending Limit Exception-Acquisition of Loan Pools › Section III-337 - Pool Treated as Individual Loans for Lending Limit Purposes

Current through Register Vol. 50, No. 6, June 20, 2024
A.
1. For
				  treatment of the pool as individual loans for legal lending limit calculations,
				  the bank must maintain an affidavit signed by the person or persons conducting
				  the review and countersigned by the board of directors stating that:
a. a representative portion of the individual
				  loans contained within the pool were reviewed to determine that the individual
				  borrowers appear creditworthy; and
b. the bank is relying primarily on the
				  individual maker's responsibility for payment of the loans.
Louisiana Administrative Code › Title 10 - FINANCIAL INSTITUTIONS, CONSUMER CREDIT, INVESTMENT SECURITIES AND UCC › Part III - Banking › Chapter 3 - Powers › Subchapter D - Legal Lending Limit Exception-Acquisition of Loan Pools › Section III-339 - Other

Current through Register Vol. 50, No. 6, June 20, 2024
A. Although the
				  pool may be considered as individual loans for legal lending limit purposes,
				  the bank shall also review the financial condition of the seller on a regular
				  basis, including condition at purchase date, on those agreements where full or
				  partial recourse exists.
B. The
				  bank shall take steps to ensure its compliance with the above criteria and
				  maintain separately the necessary documentation of such for each pool being
				  considered for purchase.
C.
				  Effective Date. This rule shall become effective upon publication in the
Louisiana
Register.
AUTHORITY NOTE:
					 Promulgated in accordance with Act 1129 of
					 1992.
Louisiana Administrative Code › Title 10 - FINANCIAL INSTITUTIONS, CONSUMER CREDIT, INVESTMENT SECURITIES AND UCC › Part III - Banking › Chapter 3 - Powers › Subchapter E - Sale of Annuities › Section III-341 - Definitions

Current through Register Vol. 50, No. 6, June 20, 2024
A. The commissioner
				  has determined that the following terms are not defined under the Louisiana
				  Banking Code,
				  R.S. 6:1 et seq., and
				  adopts the following definitions for all purposes set forth therein.
Fixed Annuity
- a form of financial
					 investment instrument whose primary function is to pay periodically during the
					 life of the annuitant or during a term fixed by contract, but not upon the
					 occurrence of a loss on a specified subject by specified perils.
Insurance
- a contract, the primary purpose
					 of which is for a stipulated consideration one party undertakes to compensate
					 the other for loss on a specified subject by specified perils.
Variable Annuity
- a form of financial
					 investment instrument whose primary function is to pay periodically during the
					 life of the annuitant or during a term fixed by contract (but not upon the
					 occurrence of a loss on a specified subject by specified perils) an amount
					 based upon the value of the securities portfolios in which an investment is
					 made.
AUTHORITY NOTE:
					 Promulgated in accordance with
					 R.S.
					 6:121,
					 6:242 and
					 6:5.
Louisiana Administrative Code › Title 10 - FINANCIAL INSTITUTIONS, CONSUMER CREDIT, INVESTMENT SECURITIES AND UCC › Part III - Banking › Chapter 3 - Powers › Subchapter E - Sale of Annuities › Section III-343 - General Provisions

Current through Register Vol. 50, No. 6, June 20, 2024
A. Upon
				  approval of the Commissioner of Financial Institutions, a state-chartered bank
				  and/or its subsidiary and employees may engage in the sale of fixed or variable
				  annuities and earn commissions thereon.
B. A state-chartered bank and/or its
				  subsidiary and employees shall obtain any license(s) as may be required by and
				  available from the Louisiana Department of Insurance before engaging in the
				  sale of fixed or variable annuities.
C. In order to obtain approval, a
				  state-chartered bank that desires to engage in the sale of fixed or variable
				  annuities pursuant to this rule shall submit a written proposal covering the
				  following items to the Commissioner of Financial Institutions:
1. a description of the type or types of
				  annuities to be sold;
2. the name
				  of each company whose annuities are to be sold and its most recent rating
				  compiled by at least two nationally recognized rating services;
3. the name of each employee engaging in the
				  sale of annuities;
4. a copy of the
				  bank's policy with respect to the sale of annuities which shall include the
				  following:
a. a description of the bank's
				  program for servicing its customers who purchase annuities;
b. a description of the bank's marketing
				  program;
c. copies of all annuity
				  contracts and other documents which will be executed by the parties;
d. a statement that there will be no tying
				  arrangements between the sale of annuities and other bank products.
Louisiana Administrative Code › Title 10 - FINANCIAL INSTITUTIONS, CONSUMER CREDIT, INVESTMENT SECURITIES AND UCC › Part III - Banking › Chapter 5 - Subsidiary Mortgage Corporation › Section III-501 - General; Considerations for Approval

Current through Register Vol. 50, No. 6, June 20, 2024
A. A state bank or a bank holding company may
				establish or acquire a subsidiary mortgage corporation upon the prior written
				approval of the Commissioner of Financial Institutions and subject to the
				provisions of this rule. The ownership of a subsidiary mortgage corporation
				shall be deemed to be incidental to the exercise of powers enumerated in
				R.S.
				6:241 and 242. Each location of the
				subsidiary mortgage corporation must obtain the prior written approval of the
				commissioner prior to its establishment.
B. To determine whether or not he shall
				approve the formation or acquisition of a subsidiary mortgage corporation. or
				the opening of an additional location, the commissioner shall consider the
				following:
1. the financial condition of the
				parent state bank or the state bank subsidiary of the parent holding
				company;
2. the economic impact on
				the parent of the operation of the proposed subsidiary mortgage
				corporation;
3. the proposed method
				of funding the operations of the subsidiary mortgage corporation;
4. the needs of the community to be served by
				the subsidiary mortgage corporation.
Louisiana Administrative Code › Title 10 - FINANCIAL INSTITUTIONS, CONSUMER CREDIT, INVESTMENT SECURITIES AND UCC › Part III - Banking › Chapter 5 - Subsidiary Mortgage Corporation › Section III-503 - Powers

Current through Register Vol. 50, No. 6, June 20, 2024
A. A subsidiary
				mortgage corporation may originate first mortgage loans, make first mortgage
				loans, service first mortgage loans, act as an agent in the warehousing and
				servicing of first mortgage loans, and, in general, engage in activities
				permitted mortgage company subsidiaries of national banks.
AUTHORITY NOTE:
				  Promulgated in accordance with R.S.
				  6:237(B).
Louisiana Administrative Code › Title 10 - FINANCIAL INSTITUTIONS, CONSUMER CREDIT, INVESTMENT SECURITIES AND UCC › Part III - Banking › Chapter 5 - Subsidiary Mortgage Corporation › Section III-505 - Regulation by Commissioner

Current through Register Vol. 50, No. 6, June 20, 2024
A. Each
				subsidiary mortgage corporation shall be subject to examination by the
				commissioner. If upon examination, the commissioner shall ascertain that the
				subsidiary is created or operated in violation of law or regulation, or that
				the manner of operation is detrimental to the business of the parent bank or
				its depositors, he may order the subsidiary to cease and desist from such
				violation or practice. In addition, if the mortgage corporation is a subsidiary
				of a state bank or a holding company owning a state bank, he may order the bank
				or holding company to divest itself of the subsidiary mortgage corporation. If
				the mortgage corporation is a subsidiary of a holding company that owns only
				national banks, he shall report his findings to the comptroller of the currency
				and the appropriate federal reserve bank.
AUTHORITY NOTE:
				  Promulgated in accordance with R.S.
				  6:237(B).
Louisiana Administrative Code › Title 10 - FINANCIAL INSTITUTIONS, CONSUMER CREDIT, INVESTMENT SECURITIES AND UCC › Part III - Banking › Chapter 5 - Subsidiary Mortgage Corporation › Section III-507 - Separate Records and Funds

Current through Register Vol. 50, No. 6, June 20, 2024
A.
				The books and records of the mortgage corporation subsidiary shall be kept
				separate and distinct from those of the parent or other subsidiaries and funds
				of the parent or other subsidiaries shall not be commingled with those of the
				subsidiary mortgage corporation.
AUTHORITY NOTE:
				  Promulgated in accordance with R.S.
				  6:237(B).
Louisiana Administrative Code › Title 10 - FINANCIAL INSTITUTIONS, CONSUMER CREDIT, INVESTMENT SECURITIES AND UCC › Part III - Banking › Chapter 5 - Subsidiary Mortgage Corporation › Section III-509 - Prohibited Stock Ownership

Current through Register Vol. 50, No. 6, June 20, 2024
A.
				Under no circumstance shall the parent of the subsidiary mortgage corporation
				own any assessable stock of the subsidiary mortgage corporation.
AUTHORITY NOTE:
				  Promulgated in accordance with R.S.
				  6:237(B).
Louisiana Administrative Code › Title 10 - FINANCIAL INSTITUTIONS, CONSUMER CREDIT, INVESTMENT SECURITIES AND UCC › Part III - Banking › Chapter 5 - Subsidiary Mortgage Corporation › Section III-511 - Transactions between Parent and Subsidiary

Current through Register Vol. 50, No. 6, June 20, 2024
A. Transactions between a parent state bank
				or subsidiary state bank of a parent bank holding company and the subsidiary
				mortgage corporation shall, with respect to the state bank, be governed by all
				laws and regulations applicable to transactions between the state bank and any
				other borrower, customer or depositor of the state bank, including but not
				limited to provisions of law governing the state bank's lending
				limit.
AUTHORITY NOTE:
				  Promulgated in accordance with R.S.
				  6:237(B).
Louisiana Administrative Code › Title 10 - FINANCIAL INSTITUTIONS, CONSUMER CREDIT, INVESTMENT SECURITIES AND UCC › Part III - Banking › Chapter 5 - Subsidiary Mortgage Corporation › Section III-513 - Branching

Current through Register Vol. 50, No. 6, June 20, 2024
A. An approved
				office of the subsidiary mortgage corporation shall not be considered a branch
				of a parent bank if no banking functions other than those listed in
				§503 are
				performed by the subsidiary mortgage corporation at that location.
AUTHORITY NOTE:
				  Promulgated in accordance with R.S.
				  6:237(B).
Louisiana Administrative Code › Title 10 - FINANCIAL INSTITUTIONS, CONSUMER CREDIT, INVESTMENT SECURITIES AND UCC › Part III - Banking › Chapter 5 - Subsidiary Mortgage Corporation › Section III-515 - Automated Teller Machines Prohibited

Current through Register Vol. 50, No. 6, June 20, 2024
A. No automated teller machine or similar
				electronic financial terminal whether owned by a parent bank or any other
				entity shall be located on the premises of any office of the subsidiary
				mortgage corporation. This prohibition shall not apply if the subsidiary
				mortgage corporation is located on the premises of a duly approved branch or
				main office of a parent bank.
AUTHORITY NOTE:
				  Promulgated in accordance with R.S.
				  6:237(B).
Louisiana Administrative Code › Title 10 - FINANCIAL INSTITUTIONS, CONSUMER CREDIT, INVESTMENT SECURITIES AND UCC › Part III - Banking › Chapter 5 - Subsidiary Mortgage Corporation › Section III-517 - Name

Current through Register Vol. 50, No. 6, June 20, 2024
A. The name of the
				subsidiary mortgage corporation shall not contain the word "bank" nor shall the
				subsidiary's operations, logo, advertising or marketing suggest that the
				subsidiary is an agent of the parent bank or bank holding company or that the
				parent is responsible for the liabilities of the subsidiary.
AUTHORITY NOTE:
				  Promulgated in accordance with R.S.
				  6:237(B).
Louisiana Administrative Code › Title 10 - FINANCIAL INSTITUTIONS, CONSUMER CREDIT, INVESTMENT SECURITIES AND UCC › Part III - Banking › Chapter 7 - Directors' Examination Requirements › Section III-701 - General Provisions

Current through Register Vol. 50, No. 6, June 20, 2024
A.
				Introduction.
				R.S.
				6:290,
				6:793,
				and
				6:1310,
				amended by Act Number 530 of the 2001 Legislative Session, requires at least
				once in each year every state bank, savings bank, and savings and loan
				association (each hereafter referred to as "institution") to cause its books,
				records, and accounts to be examined in accordance with a regulation
				promulgated by the Commissioner of the Office of Financial Institutions. This
				examination is called the annual directors' examination and constitutes the
				institution's annual external audit program. The annual external audit program
				must be conducted in accordance with the requirements prescribed in this
				rule.
B. Board of Directors
				Responsibilities. The board of directors of an institution is responsible for
				determining how to best obtain reasonable assurance that the institution's
				financial statements and regulatory reports are prepared in accordance with
				appropriate accounting and regulatory standards. In this regard, the board is
				also responsible for ensuring that its annual external auditing program is
				appropriate based on the size and complexity of the institution and includes an
				evaluation of all significant risk. To help ensure the adequacy of internal
				controls and accuracy of financial reporting, the board of directors is
				required to establish and elect an audit committee of not less than three
				members, a majority of which should be outside directors.
C. Audit Committee Responsibilities. The
				audit committee shall secure and oversee the annual external audit program
				required by this rule. The committee shall require that a written report be
				presented to the board of directors and documented in the board
				minutes.
D. Scope. This rule does
				not apply to all institutions regulated by the Office of Financial
				Institutions.
1. Institutions not subject to
				this rule include the following.
a. Those
				institutions with total assets of $500 million or more. These institutions must
				comply with federal banking law annual external audit requirements, which are
				more stringent than the annual external audit options provided in this
				rule.
b. Those institutions that
				have been insured by the Federal Deposit Insurance Corporation (FDIC) for a
				period of less than four years. These institutions are required to obtain
				annual financial audits performed by an independent public
				accountant.
c. Those institutions
				that are under some type of enforcement action that requires an annual external
				audit program more stringent than the policy statement options.
Louisiana Administrative Code › Title 10 - FINANCIAL INSTITUTIONS, CONSUMER CREDIT, INVESTMENT SECURITIES AND UCC › Part III - Banking › Chapter 7 - Directors' Examination Requirements › Section III-705 - Audit Program

Current through Register Vol. 50, No. 6, June 20, 2024
A. Asset
				Accounts
1. Cash, Cash Items, Clearings, and
				Exchanges (Including Automatic Teller Machines and Related Settlement Accounts)
a. Count cash on a test basis and reconcile
				totals with the general ledger account.
b. Balance all categories of cash items and
				reconcile totals to the general ledger account; investigate any unusual or
				noncurrent items; trace disposition of selected amounts.
c. Confirm totals of clearings and exchanges
				direct with drawee banks or paying agents; trace disposition of selected
				incoming and outgoing return items.
d. Review and test the following:
i. procedures for safeguarding teller's cash
				during operating hours and relief and vacation scheduling;
ii. procedures for quarterly internal
				surprise cash counts. If the internal cash counts are performed adequately on a
				quarterly basis, the examiner need not count cash as a part of this
				examination;
iii. adequacy of dual
				control procedures over vault items;
iv. adequacy of review tellers' over and
				short activity.
Louisiana Administrative Code › Title 10 - FINANCIAL INSTITUTIONS, CONSUMER CREDIT, INVESTMENT SECURITIES AND UCC › Part III - Banking › Chapter 11 - Louisiana International Banking › Section III-1101 - General Provisions

Current through Register Vol. 50, No. 6, June 20, 2024
A. The
				Depository Institutions' Section of the Louisiana Office of Financial
				Institutions ("OFI") is funded entirely through assessments and fees levied on
				state-chartered depository institutions for services rendered. All fees
				detailed in this rule are nonrefundable and must be paid at the time the
				application is filed with this office. An applicant may request that a reduced
				fee be charged for the simultaneous filing of multiple applications. This
				privilege will not be afforded to applications that are not expected to be
				consummated within 12 months of the filing date.
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  6:551.7 and
				  6:551.24.
Louisiana Administrative Code › Title 10 - FINANCIAL INSTITUTIONS, CONSUMER CREDIT, INVESTMENT SECURITIES AND UCC › Part III - Banking › Chapter 11 - Louisiana International Banking › Section III-1103 - Fees and Assessments

Current through Register Vol. 50, No. 6, June 20, 2024
A.
				Pursuant to the authority granted under
				R.S.
				6:551.7 and
				6:551.24,
				the following fee and assessment structure is hereby established to cover
				necessary costs associated with the administration of the International Banking
				Statutes,
				R.S. 6:551.1 et seq.
Description
Fee
Application for a foreign bank, bank holding
							 company, or financial holding company, to establish and operate a subsidiary
							 bank in Louisiana .
$10,000
Application for a foreign bank to establish and
							 operate a branch, an international banking facility, a representative office,
							 or an agency in Louisiana .
$2,000
Application for a U.S. bank or foreign bank to
							 organize or acquire a subsidiary to engage in international banking activities
							 specifically authorized in the Edge Act or to operate as an agreement
							 corporation.
$2,000
Application for a foreign bank to establish and
							 operate an administrative office in Louisiana .
$1,000
Examination fee for each foreign bank, branch,
							 agency, representative office, international banking facility, administrative
							 office, or Edge Act subsidiary operating in Louisiana . Fee per examiner.
$50 per hour
Examination fee for each branch, agency,
							 representative office, international banking facility, administrative office, or Edge Act subsidiary of an out-of-state foreign bank. This fee shall be
							 billed to the primary state regulator of the out-of-state foreign bank being
							 examined, and due upon receipt of the OFI invoice.
The greater of $50 per hour per examiner or the
							 actual expenses incurred by this office to conduct or assist in conducting such
							 examinations.
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  6:551.7 and
				  6:551.24.