Louisiana Administrative Code › Title 10 - FINANCIAL INSTITUTIONS, CONSUMER CREDIT, INVESTMENT SECURITIES AND UCC › Part XV - Other Regulated Entities › Chapter 13 - Repossession Agents › Section XV-1317 - Powers of the Commissioner

Current through Register Vol. 50, No. 6, June 20, 2024
A. The
				commissioner shall have the power to issue subpoenas to any person for the
				purpose of discovering violations in this Chapter and to require the attendance
				of witnesses or the production of documents, conduct hearings in aid of any
				investigation or inquiry, administer oaths, and examine under oath any person
				in connection with the repossession activities of a repossession agency,
				qualifying agent, repossession agent, or apprentice. Service of any notice,
				order, or subpoena may be made by personal service or certified mail.
B. The commissioner shall have the power to
				issue cease and desist orders to protect the public's welfare.
C. After notice and opportunity to be heard
				as provided in the Administrative Procedure Act, the commissioner may revoke
				the license of a repossession agency, qualifying agent, or repossession agent
				that:
1. violates, in substance or in form,
				any of the provisions of this Chapter or any rule, regulation, or policy
				promulgated, or any order, including a cease and desist order, issued pursuant
				to the Additional Default Remedies Act;
2. has knowingly provided or caused to be
				provided to the commissioner any false or fraudulent misrepresentation of
				material fact or any false or fraudulent financial statement, or has suppressed
				or withheld from the commissioner any information which if submitted by him
				would have resulted in denial of the license application;
3. refuses to permit an examination by the
				commissioner of his books and affairs or has refused or failed within a
				reasonable time, as determined by the commissioner, to furnish any information
				or make any report that may be required by the commissioner under the
				provisions of this Chapter;
4.
				fails to maintain records as required by the commissioner after being given
				written notice and 30 days within which to correct the failure. The
				commissioner may grant, on good cause shown, up to two 30-day extensions within
				which to correct the recordkeeping violations;
5. continues in office or employment any
				individual with power to direct the management or policies of a person
				regulated by the Chapter, including but not limited to any officer, director,
				or manager, if such individual is convicted of, pleads guilty to, or enters a
				plea of nolo contendere of any felony under any state or federal law;
6. violates any provision of a regulatory or
				prohibitory statute and has been found to have violated such statute by the
				governmental agency responsible for determining such violations;
7. knowingly engages in any transaction,
				practice, or course of business which perpetrates a fraud upon any person in
				connection with any collateral repossession;
8. fails to pay any fee or assessment imposed
				by this Chapter or by any rule, regulation, or policy promulgated in accordance
				with the Additional Default Remedies Act; or
9. fails, after notice and without lawful
				excuse, to obey any order or subpoena issued by the commissioner.