Louisiana Administrative Code › Title 10 - FINANCIAL INSTITUTIONS, CONSUMER CREDIT, INVESTMENT SECURITIES AND UCC › Part XV - Other Regulated Entities › Chapter 13 - Repossession Agents › Section XV-1301 - Definitions

Current through Register Vol. 50, No. 6, June 20, 2024
A. The following terms as used in this Chapter shall have the
				  following meaning.
Apprentice
- a trainee who works under the
				  direct supervision of a repossession agent.
Approved Association
- the National Finance
				  Adjusters, Inc., Allied Finance Adjusters Conference, Inc., Time Adjusters
				  Conference, Inc., the American Recovery Association, Inc., or a Louisiana
				  association of duly licensed repossession agents recognized as a viable
				  association by the commissioner, and who meet any additional qualifications for
				  licensure established by the commissioner.
Change of Control
- for purposes of
				  §1305. B means:
a. a change in beneficial ownership of 50 percent or more of
				  the repossession agency's outstanding shares of stock or 50 percent or more of
				  the combined voting power of the repossession agency; provided that any
				  transfer to a person or entity who was a shareholder as of the later of the
				  date the repossession agency was originally licensed or the date of the
				  repossession agency's last approved change of control shall be
				  disregarded;
b. a change in individuals who constitute the voting power of
				  the board of directors, or other governing board of the repossession agency as
				  of the later of the date the repossession agency was originally licensed or the
				  date of the repossession agency's last approved change of control cease to
				  comprise more than 50 percent of the voting power of such board of directors,
				  board of managers, or other board; or
c. a change in the general partner or manager of the
				  repossession agency or a change of control with respect to such general partner
				  or manager; or
d. any merger or consolidation if a change of control has
				  occurred based upon the surviving entity being considered to be a continuation
				  of the repossession agency that was the party to the merger or consolidation
				  transaction.
Collateral
- a motor vehicle including any
				  motor driven car, van, or truck required to be registered which is used, or is
				  designated to be used, for the transporting of passengers or goods for public,
				  private, commercial, or for hire purposes; but does not include those vehicles
				  which are commonly known as motor homes, mobile homes, trailers, semi-trailers,
				  boat trailers, or motorcycles.
Combustibles
-any substances or articles that
				  are capable of undergoing combustion or catching fire, or that are flammable,
				  if retained.
Commissioner
- the Commissioner of Financial
				  Institutions.
Control
- solely for purposes of determining
				  whether a repossession agency controls, is controlled by, or is under common
				  control with another person means:
a. the power or authority, whether exercised directly or
				  indirectly, to direct or cause the direction of management and/or policies of a
				  legal entity by contract or otherwise; or
b. to directly or indirectly own of record or beneficially
				  hold with the power to vote, or hold proxies with discretionary authority to
				  vote, 50 percent or more of the then outstanding voting securities issued by a
				  repossession agency, when such control is used with respect to a specified
				  person or legal entity;
c. for all other purposes, control means the power or
				  authority, whether exercised directly or indirectly, to direct or cause the
				  direction of management and/or policies of a repossession agency by contract or
				  otherwise.
Dangerous Drugs
-any controlled substances as
				  defined in The Uniform Controlled Dangerous Substances Law,
				  R.S.
				  40:961, et seq.
Deadly Weapon
-any instrument or weapon of
				  the kind commonly known as a blackjack, slingshot, bill, sandclub, sandbag,
				  metal knuckles, dirk, dagger, pistol, or revolver, or any other firearm; any
				  knife having a blade longer than 5 inches; any razor with an unguarded blade;
				  and any metal pipe or bar used or intended to be used as a club.
Individual
- a natural person.
Office
- the Office of Financial
				  Institutions.
Person
- a natural person, corporation,
				  partnership, trust, association, joint venture pool, syndicate, unincorporated
				  organization, limited liability company, or any other form of entity not
				  specifically listed herein.
Personal Effects
- movable property not
				  covered by a security agreement, which is contained in or on collateral at the
				  time it is repossessed.
Qualifying Agent
- the responsible officer or
				  executive employee of a repossession agency designated as qualifying agent and
				  who meets the requirements of a repossession agent.
Repossession Agency
- any person who through
				  a designated repossession agent engages in business or accepts employment to
				  locate or recover collateral registered under the provisions of the Louisiana
				  Vehicle Certificate of Title Law,
				  R.S.
				  32:701 et seq., which has been sold under a
				  security agreement or used as security in a loan transaction, including any
				  secured party which utilizes its employees to repossess collateral.
Repossession Agent
- an individual who
				  physically obtains possession of collateral for a secured party and engages in
				  business or accepts employment to locate or recover collateral registered under
				  the provisions of the Louisiana Vehicle Certificate of Title Law,
				  R.S.
				  32:701 et seq., which has been sold under a
				  security agreement or used as security in a loan transaction, including a
				  secured party's employee who repossess collateral pursuant to the Additional
				  Default Remedies, Act
				  R.S. 6:965,
				  et seq.
Repossessor
- the repossession agency,
				  qualifying agent, or repossession agent.
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  6:966.1(D).