reglab/statecodes huggingface dataset:
Louisiana Administrative Code › Title 10 - FINANCIAL INSTITUTIONS, CONSUMER CREDIT, INVESTMENT SECURITIES AND UCC › Part VII - Savings Banks › Chapter 5 - Mutual Holding Company Reorganizations › Section VII-509 - Membership Rights

Current through Register Vol. 50, No. 6, June 20, 2024
A. Depositors
				of Involved Savings Banks. The articles of incorporation or bylaws of a mutual
				holding company must:
1. confer upon existing
				and future depositors of the resulting savings bank the same membership rights
				in the mutual holding company as were conferred upon depositors by the articles
				and bylaws of the reorganizing savings bank as in effect immediately prior to
				the reorganization;
2. confer upon
				existing and future depositors of any acquires savings bank or any savings bank
				that is in the mutual form when acquired by the mutual holding company the same
				membership rights in the mutual holding company as were conferred upon
				depositors by the articles and bylaws of the acquires savings bank immediately
				prior to the acquisition, provided that if the acquires savings bank is merged
				into another savings bank from which the mutual holding company draws members,
				the depositors of the acquires savings bank shall receive the same membership
				rights as the depositors of the savings bank into which the acquires savings
				bank is merged;
3. confer upon the
				borrowers of the resulting savings bank who are borrowers at the time of
				reorganization the same membership rights in the mutual holding company as were
				conferred upon them by the articles and bylaws of the reorganizing savings bank
				immediately prior to reorganization, but shall not confer any membership rights
				in connection with any borrowing made after the reorganization; and
4. confer upon the borrowers of any acquires
				savings bank or any savings bank that is in the mutual form when acquired by
				the mutual holding company who are borrowers at the time of the acquisition,
				the same membership rights in the mutual holding company as were conferred upon
				them by the articles and bylaws of the acquires savings bank immediately prior
				to acquisition, but shall not confer any membership rights in connection with
				any borrowing made after the acquisition, provided that if the acquires savings
				bank is merged into another savings bank from which the mutual holding company
				draws members, the borrowers of the acquires savings bank shall instead receive
				the same grandfathered membership rights as the borrowers of the savings bank
				into which the acquires savings bank is merged received at the time the savings
				bank became a subsidiary of the mutual holding company;
5. provide that membership in a mutual
				holding company ends if the member withdraws the full withdrawal value of all
				deposit accounts in subsidiary mutual savings banks. A member who requests the
				full withdrawal value of the member's deposit accounts remains a member until
				the withdrawal value is paid in full.
Louisiana Administrative Code › Title 10 - FINANCIAL INSTITUTIONS, CONSUMER CREDIT, INVESTMENT SECURITIES AND UCC › Part VII - Savings Banks › Chapter 5 - Mutual Holding Company Reorganizations › Section VII-513 - Stock Issuance Plans

Current through Register Vol. 50, No. 6, June 20, 2024
A. Approval
				Required
1. No savings bank subsidiary of a
				mutual holding company, including a resulting or acquires savings bank, may
				issue stock to persons other than its mutual holding company parent without the
				prior written approval of the commissioner.
2. The commissioner may approve a proposed
				stock issuance if all of the following criteria are met.
a. The proposed issuance is to be made
				pursuant to a stock issuance plan that contains all the provisions required by
				this §513 and by
				§515
b. The stock issuance
				plan is consistent with the articles of incorporation, including the type and
				amount of stock that may be issued.
c. The stock issuance plan would provide the
				savings bank, its mutual holding company parent, and any other savings bank
				subsidiaries of the mutual holding company with sufficient capital and would
				not be detrimental to the savings bank, its mutual holding company, members of
				the mutual holding company or the interests of depositors of the savings
				bank.
d. The proposed price or
				price range, the classification and any terms or conditions of the stock to be
				issued are reasonable.
e. The
				savings bank furnishes the information required by the commissioner.
f. If the stock issuance plan is part of a
				reorganization plan under §511, then the stock issuance plan shall be
				approved by the members of the reorganizing savings bank pursuant to §505.
				A 4; however, if the stock issuance plan is subsequent to a previously approved
				plan of reorganization, then approval of at least a majority of the members of
				the mutual holding company is required.
g. The proposed issuance would fail to meet
				the convenience and needs of the community served by the savings
				bank.
h. The proposed issuance
				complies with all other applicable laws and rules.
3. In determining whether the criteria of A.2
				of this Section are met, the commissioner may consider the following factors:
a. the savings bank's size, capital position,
				and quality of management;
b. the
				savings bank's business objectives;
c. the dollar amount and number of shares to
				be issued pursuant to the plan;
d.
				the market conditions which may affect the plan;
e. the existence of a trading market in, or
				methods of later resale or repurchase, of the stock to be issued under the
				plan;
f. any benefits provided to
				the savings bank through employee or director incentive aspects of the plan;
				and/or
g. the impact, if any, of
				the participation or nonparticipation in the offering by members of the mutual
				holding company parent of the savings bank or other shareholders.
Louisiana Administrative Code › Title 10 - FINANCIAL INSTITUTIONS, CONSUMER CREDIT, INVESTMENT SECURITIES AND UCC › Part VII - Savings Banks › Chapter 5 - Mutual Holding Company Reorganizations › Section VII-515 - Full Disclosure Required

Current through Register Vol. 50, No. 6, June 20, 2024
A.
				The stock issuance plan, proxy and/or offering materials must contain thorough
				disclosures of all material facts, and particularly as to all benefits which
				may be obtained by any person in the transaction at issue. Benefits to
				officers, directors, their associates, employees and to non-members or
				non-stockholders (including charitable or community organizations) shall be
				disclosed in chart form with any necessary textual description and shall comply
				in all respects to the provisions set forth under
				§311 of the
				conversion rule.
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  6:1141.
Louisiana Administrative Code › Title 10 - FINANCIAL INSTITUTIONS, CONSUMER CREDIT, INVESTMENT SECURITIES AND UCC › Part VII - Savings Banks › Chapter 5 - Mutual Holding Company Reorganizations › Section VII-517 - Activities of Mutual Holding Companies

Current through Register Vol. 50, No. 6, June 20, 2024
A. Permitted Activities. A mutual holding
				company may, with the approval of its board of directors and/or members or
				shareholders as required by its articles and bylaws, and by state law:
1. invest in or acquire control of a stock
				savings bank, a savings association or their holding companies;
2. acquire a mutual savings bank or mutual
				savings and loan association by merger of such mutual into an interim or
				existing subsidiary savings bank of the mutual holding company from which the
				mutual holding company draws members in accordance with the Louisiana Savings
				Bank Act of 1990,
				R.S. 6:1131, et
				seq.;
3. with the consent of the
				commissioner and subject to such conditions as the commissioner may prescribe,
				acquire control of another mutual holding company by merging with or into it or
				a subsidiary interim holding company;
4. acquire control of a savings bank holding
				company, savings and loan holding company, or a bank holding company in the
				stock form with the written approval of the commissioner. An acquired holding
				company may be held as a subsidiary or merged into the mutual holding
				company;
5. invest in or acquire
				control of any corporation, other than a mutual holding company, which is
				engaged exclusively in activities approved by the commissioner;
6. invest in securities a savings bank may
				invest in under the Louisiana Savings Bank Act of 1990;
7. engage in activities a savings bank may
				engage in under the Louisiana Savings Bank Act of 1990;
8. furnish or perform management services for
				a subsidiary;
9. hold, manage, or
				liquidate assets owned by or acquired from a subsidiary;
10. hold or manage property which it or a
				subsidiary uses;
11. unless limited
				or prohibited by the commissioner, engage in any activity that the Federal
				Reserve Board permits a bank holding company to engage in under  12 CFR 225
				 (Regulation Y), Subpart C.
Louisiana Administrative Code › Title 10 - FINANCIAL INSTITUTIONS, CONSUMER CREDIT, INVESTMENT SECURITIES AND UCC › Part VII - Savings Banks › Chapter 5 - Mutual Holding Company Reorganizations › Section VII-519 - Registration, Reports, and Examinations

Current through Register Vol. 50, No. 6, June 20, 2024
A. Reports of Mutual Holding Companies. Each
				mutual holding company shall furnish, in the manner and form prescribed by the
				commissioner, an annual report of its operations for the fiscal year in which
				it becomes a mutual holding company, and for each fiscal year during which it
				remains a mutual holding company. Additional information and reports shall be
				furnished as the commissioner may require.
B. Examinations and Inspections. The
				commissioner may examine or inspect any mutual holding company and each of its
				subsidiaries and prepare a report of their operations and activities. The
				commissioner may rely on examination reports made by the primary federal
				regulatory agency of the mutual holding company's subsidiary savings
				bank.
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  6:1141.
Louisiana Administrative Code › Title 10 - FINANCIAL INSTITUTIONS, CONSUMER CREDIT, INVESTMENT SECURITIES AND UCC › Part VII - Savings Banks › Chapter 5 - Mutual Holding Company Reorganizations › Section VII-521 - Conversion or Liquidation of Mutual Holding Companies

Current through Register Vol. 50, No. 6, June 20, 2024
A. Conversion. A mutual holding company may
				convert from mutual to stock form in accordance with a plan of conversion
				approved by the commissioner pursuant to the procedures for conversion of a
				mutual savings bank under the conversion rule.
B. Voluntary Liquidation. The provisions of
				R.S.
				6:1282 shall apply to a mutual holding
				company in the same manner as they apply to a savings bank.
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  6:1141.
Louisiana Administrative Code › Title 10 - FINANCIAL INSTITUTIONS, CONSUMER CREDIT, INVESTMENT SECURITIES AND UCC › Part VII - Savings Banks › Chapter 5 - Mutual Holding Company Reorganizations › Section VII-523 - Procedural Requirements for Filing Applications

Current through Register Vol. 50, No. 6, June 20, 2024
A. The commissioner may adopt internal
				policies relative to the procedural requirements for filing an application for
				reorganization pursuant to this rule.
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  6:1141.
Louisiana Administrative Code › Title 10 - FINANCIAL INSTITUTIONS, CONSUMER CREDIT, INVESTMENT SECURITIES AND UCC › Part IX - Credit Unions › Chapter 3 - Credit Union Service Organizations › Section IX-301 - Credit Union Service Contracts

Current through Register Vol. 50, No. 6, June 20, 2024
A.
				A state-chartered credit union may act as a representative of and enter into a
				contractual agreement with one or more credit unions or other organizations for
				the purpose of sharing, utilizing, renting, leasing, purchasing, selling,
				and/or joint ownership of fixed assets or engaging in activities and/or
				services which relate to the daily operations of credit unions. Agreements must
				be in writing, and shall clearly state that the Commissioner of Financial
				Institutions, or his representative, will have complete access to any books and
				records of the credit union service organization as deemed necessary in
				carrying out his responsibilities under the Louisiana Credit Union
				Law.
B. If any agreement requires,
				the payment in advance of the actual or estimated charges for more than three
				months, such payment shall be deemed an investment in a credit union service
				organization and subject to the limitations delineated in
				R.S.
				6:644(B)(3)(d) and
				R.S.
				6:656(A)(4).
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 IX - Credit Unions › Chapter 3 - Credit Union Service Organizations › Section IX-303 - Investments in and Loans to Credit Union Service Organizations

Current through Register Vol. 50, No. 6, June 20, 2024
A. Scope. Sections
				644(B)(3)(d) of Title 6 of the Louisiana Revised Statutes authorize
				state-chartered credit unions to invest in and make loans to credit union
				service organizations. This rule implements that statute by addressing various
				issues, including monetary limits on loans and investments, the structure of
				credit union service organizations, their customer base, and the range of
				services and activities that they may provide. The rule also establishes
				prudent standards for a state-chartered credit union's involvement with credit
				union service organizations, through provisions concerning conflicts of
				interest, accounting practices, and access by the Office of Financial
				Institutions to books and records. The rule applies only in cases where one or
				more state-chartered credit unions have invested in or made loans to an
				organization pursuant to Section 644(B)(3)(d) The rule does not regulate credit
				union service organizations directly; instead, it establishes conditions of
				state-chartered credit union investments in and loans to such
				organizations.
B. Limits Imposed by
				R.S.
				6:644(B)(4)(d) and
				R.S.
				6:656(A)(4). The provisions
				of Chapter 8, Title 6, Louisiana Revised Statutes, Credit Unions:
1. authorize a state-chartered credit union
				to invest in shares, stocks, loans, or other obligations of credit union
				service organizations in amounts not exceeding, in the aggregate, 1 percent of
				the credit union's paid-in and unimpaired capital and surplus;
2. authorize a state-chartered credit union
				to make loans to credit union service organizations in amounts not exceeding,
				in the aggregate, one percent of the credit union's paid-in and unimpaired
				capital and surplus;
3. require
				that a credit union service organization's activities be confined or restricted
				to credit unions and exist primarily to meet the needs of their member credit
				unions, and whose business relates to the daily operations of the credit unions
				they serve; and
4. require that a
				state-chartered credit union's investment in or loan to a credit union service
				organization must receive the prior approval of the board of directors and
				documented in its official minutes.
Louisiana Administrative Code › Title 10 - FINANCIAL INSTITUTIONS, CONSUMER CREDIT, INVESTMENT SECURITIES AND UCC › Part IX - Credit Unions › Chapter 5 - Criteria to Organize within Residential Groups, and Add Associational Groups › Section IX-501 - Definitions

Current through Register Vol. 50, No. 6, June 20, 2024
A. As used in this Rule, and unless the content details otherwise, the following definitions apply.
Application
- those documents submitted in a form acceptable to the commissioner, along with all supporting information, requesting approval of a bylaw amendment that provides for a residential group common bond.
Association
- those individuals (natural persons) and/or groups (non natural persons) whose members participate in specific activities, share common goals and purposes; possess a charter, bylaws, or any other equivalent documentation that contains a specific definition of who is eligible for membership; conduct periodic meetings open to all members; and sponsor other activities which demonstrate that the members of the group meet to accomplish the goals and objectives of the association.
Commissioner
- the Commissioner of the Office of Financial Institutions.
Field of Membership (FOM)
- those persons and entities eligible for membership in the credit union.
LOFI
- Louisiana Office of Financial Institutions.
Low Income Area
- an area that includes any of the following (as reported in the most recently completed decennial census or equivalent government data):
a. an area that wholly consists of or is wholly located within an empowerment zone or enterprise community in the state of Louisiana designated under Section  1391 of the IRC;
b. an area where the percentage of the population living in poverty is at least 20 percent;
c. an area in a metropolitan area where the median family income is at or below 80 percent of the metropolitan area median family income or the Louisiana median family income, whichever is greater;
d. an area outside of a metropolitan area, where the median family income is at or below 80 percent of the state-wide non-Metropolitan area median family income, whichever is greater;
e. an area where the unemployment rate is at least 1.5 times the national average;
f. an area meeting the criteria for economic distress that may be established by the CDFIs of the U.S. Treasury Department.
Residence Within
- to live within a well-defined neighborhood, small community, or rural district.
Residential Group Common Bond
- a common bond created by residence within a well-defined neighborhood, small community, or rural district.
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 IX - Credit Unions › Chapter 5 - Criteria to Organize within Residential Groups, and Add Associational Groups › Section IX-503 - Well-Defined Neighborhood, Small Community, and Rural District

Current through Register Vol. 50, No. 6, June 20, 2024
A.
Well-Defined Neighborhood
shall mean a specified small part of
				a geographic area considered in regard to its residents or distinctive
				characteristics, specified by name, and must be described in writing.
1. Boundaries may be defined by streets,
				roads, or other delineations including boundaries of a municipality (such as
				the city limits) or other boundaries that reasonably demonstrate the end of one
				well-defined neighborhood and the beginning of another. For example, a written
				description typically will include the names of streets or other delineations
				surrounding the well-defined neighborhood.
2. Boundaries of a well-defined neighborhood
				may be defined as a small part of a municipality. Indicators of unifying
				characteristics may include, but are not limited to, recreation centers or
				athletic facilities, social clubs or organizations, neighborhood associations,
				or similar facilities or functions.
3. A written description of a well-defined
				neighborhood must demonstrate a viable residential common bond based upon its
				size, its level of activity, and safety and soundness criteria related to
				service of the proposed area.
Louisiana Administrative Code › Title 10 - FINANCIAL INSTITUTIONS, CONSUMER CREDIT, INVESTMENT SECURITIES AND UCC › Part IX - Credit Unions › Chapter 5 - Criteria to Organize within Residential Groups, and Add Associational Groups › Section IX-507 - Applications

Current through Register Vol. 50, No. 6, June 20, 2024
A. A residential
				group common bond request shall be submitted to the commissioner on the form(s)
				provided by the LOFI; and include the proposed amendment to the credit union's
				bylaws in accordance with Section 665 of the Louisiana Credit Union Law. In
				reviewing the application, the commissioner may consider:
1. whether the well-defined neighborhood,
				small community, or rural district has adequate unifying characteristics or a
				mutual interest such that the safety and soundness of the institution, and
				protection of the funds invested by members, is maintained;
2. service by the credit union that is
				responsive to the needs of prospective members, to promote thrift and create a
				source of credit at reasonable rates;
3. protection for the interest of current and
				future members of the credit union; and
4. the encouragement of economic progress in
				the state by allowing the opportunity to expand services and facilities;
				and
5. the purpose and/or intent of
				the Louisiana Credit Union Law.
Louisiana Administrative Code › Title 10 - FINANCIAL INSTITUTIONS, CONSUMER CREDIT, INVESTMENT SECURITIES AND UCC › Part IX - Credit Unions › Chapter 5 - Criteria to Organize within Residential Groups, and Add Associational Groups › Section IX-509 - Public Policy

Current through Register Vol. 50, No. 6, June 20, 2024
A. In order to
				protect the interests of current and future members of the credit union, to be
				responsive to the needs of the membership for financial services, to encourage
				further economic growth in the state of Louisiana, and to foster the
				development of credit unions under a dual chartering system in the state of
				Louisiana pursuant to Section 641.1 of the Louisiana Credit Union Law, groups
				that are within the field of membership of the credit union prior to
				application for a residential group common bond shall be considered to remain
				within the FOM of the credit union, after the approval of a residential group
				common bond.
B. Upon application
				for a residential group common bond, the goal of the credit union shall be to
				adequately serve the residential area that may be approved by the commissioner,
				as well as any other group(s) included in its FOM.
C. In approving any further expansion of a
				credit union's field of membership, the commissioner may give consideration to
				its rate of market penetration and other pertinent criteria to determine if the
				credit union is properly and adequately serving the FOM in the residential area
				as projected.
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 IX - Credit Unions › Chapter 5 - Criteria to Organize within Residential Groups, and Add Associational Groups › Section IX-511 - Mergers

Current through Register Vol. 50, No. 6, June 20, 2024
A. A credit union
				serving a residential group common bond may merge with another credit union,
				pursuant to Section 646(A)(2) of the Louisiana Credit Union Law, if the
				proposed merger neither creates a safety and soundness concern nor violates any
				other section of the Louisiana Credit Union Law . Credit unions must meet the
				safety and soundness criteria for a merger, and the continuing credit union
				must demonstrate that it can reasonably serve its members and the members of
				the credit union being merged. The plan of merger must also specifically
				indicate that the new FOM will be comprised of the combination of membership
				groups of the two credit unions.
B.
				In any merger involving a credit union serving a residential group common bond,
				the surviving credit union will be subject to the conditions of this rule.
				While the surviving credit union may continue to serve members of the merging
				credit union, no additional expansion will be allowed that does not comply with
				this Rule.
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 IX - Credit Unions › Chapter 5 - Criteria to Organize within Residential Groups, and Add Associational Groups › Section IX-513 - Adding Associational Groups

Current through Register Vol. 50, No. 6, June 20, 2024
A.
				Pursuant to his authority under the Louisiana Credit Union Law and the stated
				purpose of the same, the commissioner has determined that, if there are no
				safety and soundness concerns, it is appropriate to allow expansions of a
				credit union's FOM involving members and employees of an association in
				accordance with Sections 645(B) of the Louisiana Credit Union Law. At a
				minimum, the commissioner may consider the following when assessing an
				application to add an associational group to a credit union's FOM:
1. whether the group meets the definition of
				an association as contained in this rule;
2. whether members pay dues;
3. whether members have voting
				rights;
4. whether the association
				maintains a membership list;
5.
				whether the association maintains separate books and records; and
6. the frequency of meetings and other group
				activities.
Louisiana Administrative Code › Title 10 - FINANCIAL INSTITUTIONS, CONSUMER CREDIT, INVESTMENT SECURITIES AND UCC › Part IX - Credit Unions › Chapter 5 - Criteria to Organize within Residential Groups, and Add Associational Groups › Section IX-515 - Public Notification

Current through Register Vol. 50, No. 6, June 20, 2024
A. Upon
				approval of a residential group common bond, the commissioner shall include the
				name of the credit union and a brief description of the well-defined
				neighborhood, small community, or rural district that has been approved in
				LOFI's next monthly bulletin, which is available on the OFI webpage.
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 IX - Credit Unions › Chapter 5 - Criteria to Organize within Residential Groups, and Add Associational Groups › Section IX-517 - Exceptions

Current through Register Vol. 50, No. 6, June 20, 2024
A. Exceptions to
				this rule and/or waivers of the requirements contained herein may be granted by
				the commissioner on a case-by-case basis. Any request for an exception and/or
				waiver must be submitted in writing and requires the written approval of the
				commissioner.
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 IX - Credit Unions › Chapter 5 - Criteria to Organize within Residential Groups, and Add Associational Groups › Section IX-519 - Effective Date

Current through Register Vol. 50, No. 6, June 20, 2024
A. This Rule
				shall become effective upon final publication.
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 IX - Credit Unions › Chapter 5 - Criteria to Organize within Residential Groups, and Add Associational Groups › Section IX-521 - Severability

Current through Register Vol. 50, No. 6, June 20, 2024
A. If any Section,
				term, or provision of this rule, LAC 10:IX.501-519, is for any reason declared
				or adjudged to be invalid, such invalidity shall not affect, impair, or
				invalidate any of the remaining Sections, terms, or provisions contained
				herein.
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 XI - Consumer Credit › Chapter 7 - Powers › Section XI-701 - Sale of Thrift Club Membership

Current through Register Vol. 50, No. 6, June 20, 2024
A. A
				licensed or supervised lender may offer and sell thrift club memberships at any
				location where supervised loans are made. In addition, the cost of such thrift
				club memberships may, at the consumer's option, be payable from the proceeds of
				consumer loans and included in the amount financed, provided that:
1. the sale of the thrift club membership is
				not a factor in the approval of credit and this fact is clearly disclosed in
				writing to the consumer;
2. in
				order to obtain the thrift club membership, the consumer gives specific
				affirmative written indication of his or her desire to purchase if after
				receiving written disclosure of the cost.
Louisiana Administrative Code › Title 10 - FINANCIAL INSTITUTIONS, CONSUMER CREDIT, INVESTMENT SECURITIES AND UCC › Part XI - Consumer Credit › Chapter 9 - Additional Fees and Charges › Section XI-901 - Definitions

Current through Register Vol. 50, No. 6, June 20, 2024
Additional Fees and Charges
-those fees and
				  charges which are not specifically authorized by the LCCL but, as determined by
				  the commissioner, are considered not to be inconsistent with the provisions
				  thereof.
Creditor
-a person who is a licensed lender
				  as defined in
				  R.S.
				  9:3516(22).
Petition
-a written request of a creditor, in
				  the form of a letter, directed to the commissioner seeking approval of an
				  additional fee or charge and shall include an explanation as to which service
				  or services will be provided and why a creditor believes a certain fee or
				  charge is warranted for such service.
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  9:3517(C).
Louisiana Administrative Code › Title 10 - FINANCIAL INSTITUTIONS, CONSUMER CREDIT, INVESTMENT SECURITIES AND UCC › Part XI - Consumer Credit › Chapter 9 - Additional Fees and Charges › Section XI-903 - Procedure for Requesting Approval of an Additional Fee or Charge

Current through Register Vol. 50, No. 6, June 20, 2024
A. A creditor
				extending credit under the LCCL shall petition the commissioner for authority
				to assess an additional fee or charge which is not inconsistent with the
				provisions thereof.
B. A petition
				shall include an explanation as to why a creditor believes the fee or charge is
				warranted, as well as a showing that such fee or charge is not inconsistent
				with the provisions of the LCCL. The creditor shall also include documentation
				supporting its request.
C. The
				commissioner may publish the creditor's request, in a form prescribed by him,
				in the Potpourri section of the next
Louisiana Register
, to
				solicit public comments.
D. After
				considering the request and any public comments received, the commissioner may
				approve the proposed fee or charge, as long as it is not inconsistent with the
				provisions of the LCCL, and it complies with the requirements established by
				policy promulgated by the commissioner.
E. A current list of all fees and charges
				which have been approved or disapproved by the commissioner shall be maintained
				on the OFI website and made available upon request.
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  9:3517(C).
Louisiana Administrative Code › Title 10 - FINANCIAL INSTITUTIONS, CONSUMER CREDIT, INVESTMENT SECURITIES AND UCC › Part XI - Consumer Credit › Chapter 11 - Lender Education › Section XI-1101 - Application

Current through Register Vol. 50, No. 6, June 20, 2024
A. This Chapter
				applies to all persons licensed by the commissioner pursuant to the Louisiana
				consumer credit law (LCCL) and the Louisiana Deferred Presentment and Small
				Loan Act (LDPSLA) who engage in the business of making small loans and deferred
				presentment transactions pursuant to the LDPSLA.
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  49:950 et seq.,
				  R.S.
				  9:3554(A)(5),
				  R.S.
				  9:3554(B), and
				  R.S.
				  9:3578.8(A) and
				  (B).
Louisiana Administrative Code › Title 10 - FINANCIAL INSTITUTIONS, CONSUMER CREDIT, INVESTMENT SECURITIES AND UCC › Part XI - Consumer Credit › Chapter 11 - Lender Education › Section XI-1103 - Definitions

Current through Register Vol. 50, No. 6, June 20, 2024
A. Unless the
				context otherwise requires, as determined by the commissioner in his
				discretion, all terms used in this Chapter 11 shall have the same meanings as
				in the Louisiana consumer credit law, (LCCL),
				R.S. 9:3510 et seq.,
				as amended, and the Louisiana Deferred Presentment and Small Loan Act,
				(LDPSLA),
				R.S. 9:3578.1 et
				seq., as amended. In addition, unless the context otherwise requires, as
				determined by the commissioner in his discretion, the following definitions set
				forth in Subsection B below, apply in this Chapter 11.
B. Definitions
Chapter
this
Chapter
11 of
				  Part XI of Title 10 of the
Louisiana Administrative
				  Code.
Commissioner
the
commissioner
of the Office of Financial Institutions for the
				  state of Louisiana.
Deferred Presentment
				  Transaction
a
transaction made pursuant to a written
				  agreement whereby a licensee:
a.
				accepts a check from the issuer dated as of the date it was written;
b. agrees to hold the check for a period of
				time not to exceed 30 days prior to negotiation or presentment;
c. pays to the issuer of the check the amount
				of the check less the fee permitted in
				R.S.
				9:3578.4(A). The amount paid
				to the issuer of the check may not exceed $350.
LCCL
-the Louisiana consumer credit law,
				  R.S. 9:3510 et seq.,
				  as amended.
LDPSLA
-the Louisiana Deferred Presentment
				  and Small Loan Act,
				  R.S. 9:3578.1 et
				  seq., as amended.
Lender Personnel
-
a
person(s), as defined in
				  R.S. 9:3516(24.1),
				  who is employed by, contracted with, or engaged in the performance of services,
				  that involve the general public, including, but not limited to, those that
				  offer, market, negotiate, and/or sell deferred presentment transactions or
				  small loans by or for a person licensed by the commissioner pursuant to the
				  LCCL and the LDPSLA.
Person(s)
-
all persons,
as
				  defined in
				  R.S. 9:3516(24.1) of
				  the LCCL, licensed by the commissioner pursuant to the LCCL and the LDPSLA who
				  engage in the business of making small loans and deferred presentment
				  transactions pursuant to the LDPSLA.
Small Loan
-
a
consumer
				  loan, as defined in
				  R.S.
				  9:3516(14), of $350 or less,
				  made for a term of 60 days or less.
Louisiana Administrative Code › Title 10 - FINANCIAL INSTITUTIONS, CONSUMER CREDIT, INVESTMENT SECURITIES AND UCC › Part XI - Consumer Credit › Chapter 11 - Lender Education › Section XI-1105 - Required Education

Current through Register Vol. 50, No. 6, June 20, 2024
A. Each
				person shall provide education to all lender personnel annually no later than
				January 1 of each year and to all new lender personnel within the first month
				upon attainment of this status or designation and each calendar year thereafter
				no later than January 1. The education material to be utilized by the person
				shall be provided to persons by the commissioner electronically, through email
				transmissions, the website of the Office of Financial Institutions, or
				otherwise, as deemed appropriate by the commissioner. Such education shall
				consist of certain elements related to compliance with the LCCL, LDPSLA, and
				this Chapter, including but not limited to, those items enumerated in
				Subsection B below.
B. Elements:
1. all fees and charges allowed in connection
				with, and limitations pertaining to deferred presentment transactions and small
				loans, specifically the education shall include instruction regarding the 16.75
				percent maximum fee limitation and $45 cap, the documentation fee limitation,
				the default interest limitation for one year and beginning one year after
				contractual maturity, the delinquency fee limitation, and that no other fees or
				charges are allowable;
2. all
				rebates provided for in connection with deferred presentment transactions and
				small loans;
3. all prohibited acts
				specified in
				R.S. 9:3578.6 of
				the LDPSLA;
4. provisions of Acts
				2014, No. 636 of the Louisiana Legislature, regarding deferred presentment
				transactions and small loans, and specifically those provisions regarding the
				repeal of the one-time delinquency charge authorized by
				R.S.
				9:3527(A)(1), and the
				extended payment plan provision contained in
				R.S.
				9:3578.4.1, and limitations in connection
				with the same; and
5. any other
				educational information provided to the person by the commissioner
				subsequently, electronically, through email transmissions, the website of the
				Office of Financial Institutions, or otherwise, and determined by the
				commissioner to be related to persons engaging in the business of making
				deferred presentment transactions and small loans.
Louisiana Administrative Code › Title 10 - FINANCIAL INSTITUTIONS, CONSUMER CREDIT, INVESTMENT SECURITIES AND UCC › Part XI - Consumer Credit › Chapter 11 - Lender Education › Section XI-1107 - Administration

Current through Register Vol. 50, No. 6, June 20, 2024
A. Each person
				subject to this chapter shall retain such minimum records to show full
				compliance of the requirements set forth hereunder, which minimum records are
				deemed necessary by the commissioner, and set forth by the commissioner
				electronically, through email transmissions, the website of the Office of
				Financial Institutions, or otherwise, as deemed appropriate by the
				commissioner. This Chapter does not replace the person's responsibilities to
				comply with any other applicable record retention requirements, or to create,
				implement, and maintain its own comprehensive record retention program,
				consistent with the person's strategic goals and objectives. Such records may
				be retained in various forms as approved by the commissioner, 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 accessed and reproduced into hard copies.
B. The commissioner may enforce this chapter
				pursuant to authority and in the manner provided to him, by the laws under his
				jurisdiction, including but not limited to
				R.S.
				6:121.1,
				R.S.
				9:3554,
				R.S.
				9:3555,
				R.S. 9:3556,
				R.S. 9:3556.1,
				R.S.
				9:3556.2,
				R.S.
				9:3556.3, and
				R.S.
				9:3578.8, and including but not limited to,
				the issuance of orders assessing civil money penalties.
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  49:950 et seq.,
				  R.S.
				  9:3554(A)(5),
				  R.S.
				  9:3554(B), and
				  R.S.
				  9:3578.8(A) and
				  (B).
Louisiana Administrative Code › Title 10 - FINANCIAL INSTITUTIONS, CONSUMER CREDIT, INVESTMENT SECURITIES AND UCC › Part XI - Consumer Credit › Chapter 11 - Lender Education › Section XI-1109 - Severability

Current through Register Vol. 50, No. 6, June 20, 2024
A. If any Section,
				term, or provision of any of these rules, LAC 10:XI.1101-1109, is for any
				reason declared or adjudged to be invalid, such invalidity shall not affect,
				impair, or invalidate any of the remaining rules, or any term or provision
				thereof.
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  49:950 et seq.,
				  R.S.
				  9:3554(A)(5),
				  R.S.
				  9:3554(B), and
				  R.S.
				  9:3578.8(A) and
				  (B).
Louisiana Administrative Code › Title 10 - FINANCIAL INSTITUTIONS, CONSUMER CREDIT, INVESTMENT SECURITIES AND UCC › Part XIII - Investment Securities › Subpart 1 - Securities › Chapter 1 - General Requirements › Section XIII-101 - Application of Regulations

Current through Register Vol. 50, No. 6, June 20, 2024
A. The
				  regulations contained in this rule shall govern every registration of
				  securities under the Act, except that any provision in a form covering the same
				  subject matter as any such rules shall be controlling unless otherwise
				  specifically provided herein.
AUTHORITY NOTE:
					 Promulgated in accordance with
					 R.S.
					 51:702.
Louisiana Administrative Code › Title 10 - FINANCIAL INSTITUTIONS, CONSUMER CREDIT, INVESTMENT SECURITIES AND UCC › Part XIII - Investment Securities › Subpart 1 - Securities › Chapter 1 - General Requirements › Section XIII-105 - Filing an Application; Requirements as to Proper Form

Current through Register Vol. 50, No. 6, June 20, 2024
A. An application for registration shall be
				  prepared in accordance with the form prescribed by the Commissioner of
				  Securities of the State of Louisiana as in effect on the date of filing and in
				  accordance with the requirements set out in Sections 51:706, 51:707, and 51:708
				  of the Louisiana Revised Statutes of 1950 as amended. Any application for
				  registration shall be deemed to be filed on the proper form unless objection to
				  the form is made by the Commissioner of Securities.
AUTHORITY NOTE:
					 Promulgated in accordance with
					 R.S.
					 51:706,
					 R.S.
					 51:707 and
					 R.S.
					 51:708.
Louisiana Administrative Code › Title 10 - FINANCIAL INSTITUTIONS, CONSUMER CREDIT, INVESTMENT SECURITIES AND UCC › Part XIII - Investment Securities › Subpart 1 - Securities › Chapter 1 - General Requirements › Section XIII-107 - Date of Filing

Current through Register Vol. 50, No. 6, June 20, 2024
A. At least 10
				  days (Saturdays, Sundays, and holidays excluded) prior to the date on which the
				  initial offering of any security is to be made, there shall be filed with the
				  Commissioner of Securities one copy of the required application. The
				  Commissioner of Securities may, however, in his discretion, authorize the
				  commencement of the offering prior to the expiration of such 10-day period upon
				  a written request for such authorization.
AUTHORITY NOTE:
					 Promulgated in accordance with
					 R.S.
					 51:706.
Louisiana Administrative Code › Title 10 - FINANCIAL INSTITUTIONS, CONSUMER CREDIT, INVESTMENT SECURITIES AND UCC › Part XIII - Investment Securities › Subpart 1 - Securities › Chapter 1 - General Requirements › Section XIII-109 - Number of Copies; Signatures

Current through Register Vol. 50, No. 6, June 20, 2024
A.
				  Two copies of the competed application for registration, including exhibits and
				  all other papers and documents filed as a part of the application, shall be
				  filed with the Commissioner of Securities.
B. At least one copy of every application for
				  registration shall be manually signed by the applicant. If the application for
				  registration is typewritten, the original "ribbon" copy shall be signed.
				  Unsigned copies shall be conformed.
C. If any name is signed to the application
				  for registration pursuant to a power of attorney, copies of such power of
				  attorney shall be filed with the application for registration. In addition, if
				  the name of any officer signing on behalf of the applicant, or attesting the
				  applicant's seal, is signed pursuant to a power of attorney, certified copies
				  of a resolution of the applicant's board of directors authorizing such
				  signature shall also be filed with the application for registration.
AUTHORITY NOTE:
					 Promulgated in accordance with
					 R.S.
					 51:706.
Louisiana Administrative Code › Title 10 - FINANCIAL INSTITUTIONS, CONSUMER CREDIT, INVESTMENT SECURITIES AND UCC › Part XIII - Investment Securities › Subpart 1 - Securities › Chapter 1 - General Requirements › Section XIII-111 - Requirements as to Paper, Printing and Language

Current through Register Vol. 50, No. 6, June 20, 2024
A. Application for registration shall be
				  filed on good quality, unglazed, white paper, 8 1/2 by 14 inches in size
				  insofar as practicable. However, tables, charts, maps, and financial statements
				  may be on larger paper, if folded to that size, and the prospectus may be on
				  smaller paper if the registrant so desires.
B. The application for registration and,
				  insofar as practicable, all papers and documents filed as a part thereof, shall
				  be printed, lithographed, mimeographed, or typewritten. However, the
				  application or any portion thereof may be prepared by any similar process
				  which, in the opinion of the Commissioner of Securities, produces copies
				  suitable for permanent record. Irrespective of the process used, all copies of
				  any such material shall be clear, easily readable and suitable for repeated
				  photocopying. Debits in credit categories shall be designated so as to be
				  clearly distinguishable as such on photocopies.
C. The application for registration shall be
				  in the English language. If any exhibit or other paper or document filed with
				  the application for registration is in a foreign language, it shall be
				  accompanied by a translation into the English language.
AUTHORITY NOTE:
					 Promulgated in accordance with
					 R.S.
					 51:706.
Louisiana Administrative Code › Title 10 - FINANCIAL INSTITUTIONS, CONSUMER CREDIT, INVESTMENT SECURITIES AND UCC › Part XIII - Investment Securities › Subpart 1 - Securities › Chapter 1 - General Requirements › Section XIII-113 - Preparation of Application for Registration

Current through Register Vol. 50, No. 6, June 20, 2024
A. Investment Companies. Applications for
				  registration of securities of investment companies registered or required to be
				  registered under the Investment Company Act of 1940 shall be filed on the
				  Uniform Application Form.
B. Other
				  Securities. Applications for registration by qualification of all other
				  securities shall be filed on the Uniform Application Form.
C. Notification. Applications for
				  registration by notification shall be filed on the Uniform Application
				  Form.
D. Securities Registered with
				  the Securities and Exchange Commission. In all cases in which an application
				  for registration of securities by qualification or notification is filed and a
				  registration statement covering the same securities has been filed with the
				  Federal Securities and Exchange Commission, a copy of the registration
				  statement and prospectus so filed will be accepted by the Commissioner of
				  Securities in lieu of the exhibits required by Sections 51:706, 51:707, and/or
				  51:708 of the Louisiana Revised Statutes of 1950, as amended. The application
				  shall substantially comply with the provisions of Section 51:706 of the
				  Louisiana Revised Statutes of 1950, as amended and the regulations prescribed
				  by the Commissioner of Securities of the State of Louisiana.
E. Interpretation of Requirements. Unless the
				  context clearly shows otherwise:
1. the forms
				  require information only as to the registrant;
2. whenever words relate to the future, they
				  have reference solely to present intention;
3. any words indicating the holder of a
				  position or office include persons, by whatever titles designated, whose duties
				  are those ordinarily performed by holders of such positions or
				  offices.