Louisiana Revised Statutes 9:3572.5 – Application form
Terms Used In Louisiana Revised Statutes 9:3572.5
- Commissioner: means the commissioner of financial institutions. See Louisiana Revised Statutes 9:3516
- Consumer: means a natural person who purchases goods, services, or movable or immovable property or rights therein, for a personal, family, or household purpose and includes a purchaser or buyer in a consumer credit sale or transaction made with the use of a seller credit card or otherwise, or a borrower or debtor in a consumer loan, revolving loan account, or a lender credit card. See Louisiana Revised Statutes 9:3516
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Person: as used in this Chapter means an individual or corporation, partnership, trust, association, joint venture pool, syndicate, sole proprietorship, unincorporated organization, or any other form of entity not specifically listed herein. See Louisiana Revised Statutes 9:3516
- Principal: means the amount financed or amount deferred under a consumer credit transaction. See Louisiana Revised Statutes 9:3516
- Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. Source: OCC
A. The commissioner of financial institutions shall provide an application form that requires at least the following information which shall be given by the applicant:
(1) For a natural person:
(a) Full name.
(b) Date of birth.
(c) Place of birth.
(d) Business address.
(e) Home address.
(f) Name and address of employer.
(g) Names and addresses of the lenders through which the principal amount of the consumer loans or federally related mortgage loans are brokered.
(h) Number of consumer loans or federally related mortgage loans brokered in the past one-year period.
(i) A certified copy of the bond or of the formal notification by the depository of the establishment of the trust account required by La. Rev. Stat. 9:3572.8.
(2) For a corporation:
(a) Name.
(b) Copy of the certificate of incorporation if a Louisiana corporation.
(c) Copy of certificate authorizing the corporation to do business in Louisiana, if a foreign corporation.
(d) Address of the corporation in Louisiana.
(e) Address of the main corporate office, if outside of Louisiana.
(f) Name and address of president, secretary, and treasurer of the corporation.
(g) Name of each licensed loan broker through which it will conduct business.
(h) Names and addresses of the lenders through which the principal amount of consumer loans or federally related mortgage loans are brokered.
(i) Number of consumer loans or federally related mortgage loans brokered in the past one-year period.
(j) A certified copy of the bond or of the formal notification by the depository of the establishment of the trust account required by La. Rev. Stat. 9:3572.8.
B.(1) The commissioner may deny an application if he finds that the financial responsibility, character, and fitness of the applicant and its principals, owners, officers, directors, partners, and members, and the character and fitness of its managers are such as to warrant a belief that the business will not be operated honestly and fairly within the purposes of this Part.
(2) Upon written request, the applicant is entitled to a hearing on the question of his qualifications for a loan broker license if either of the following occurs:
(a) The commissioner has notified the applicant in writing that his application has been denied.
(b) The commissioner has not issued a permit within sixty days after the application therefor was filed.
(3) A request for a hearing may not be made more than fifteen days after the commissioner has mailed a written notice to the applicant notifying him that the application has been denied and stating in substance the commissioner’s findings supporting denial of the application.
Acts 1986, No. 729, §1; Acts 1992, No. 353, §1, eff. June 17, 1992; Acts 1997, No. 1419, §1.