Regulatory Alerts2008-04-29
LL-01-07 Applications for Licensed Lenders with Multiple Locations
The Louisiana Office of Financial Institutions issued Policy LL-01-07 to streamline licensing for lenders opening additional locations under the same legal entity. Corporations and limited liability companies subject to the Louisiana Consumer Credit Law may now submit an abbreviated application containing previously filed financial responsibility, character, and fitness data instead of redundant full applications. This regulatory change eliminates unnecessary duplication while maintaining the commissioner’s evaluation standards, thereby reducing administrative burdens for expanding licensed lenders.
STATE OF LOUISIANA OFFICE OF FINANCIAL INSTITUTIONS BATON ROUGE, LOUISIANA DATE: August 29, 2007 POLICY NO. LL-01-07 Applications for Licensed Lenders with multiple locations PURPOSE: To provide for an abbreviated application for licensed lenders opening additional locations. TO WHOM THIS REGULATION APPLIES: All Lenders subject to the licensing provisions of the Louisiana Consumer Credit Law. BACKGROUND: LSA-R.S. 9:3558(A) requires licensed lender applications to be filed in the manner prescribed by the commissioner and contain the information to evaluate the financial responsibility, character, and fitness of the applicant. The substance of this evaluation is the same for all applicants. Corporations and limited liability companies opening additional locations are currently required to provide the identical information previously submitted with the initial applications. Since no new information is obtained through redundant applications, an abbreviated application is appropriate and practical for such entities. SPECIFICS: Licensees opening additional locations under the same legal entity as initially filed are permitted to use the abbreviated application provided by the commissioner. John Ducrest Commissioner of Financial Institutions