Louisiana Revised Statutes 33:130.754 – Criteria for certification as a community development corporation or a community development financial institution
Terms Used In Louisiana Revised Statutes 33:130.754
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- 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.
A. The department shall establish criteria, by rule promulgated in accordance with the Administrative Procedure Act, La. Rev. Stat. 49:950, et seq., for the certification of an entity as a community development corporation and as a community development financial institution consistent with the provisions of this Subpart.
B. Application for certification shall comply with all the following:
(1) Be in writing, sworn to and signed before a notary public, and in the form prescribed by the department in rule.
(2) Contain the information the department requires by rule, including, but not limited to, the names and addresses of the partners, officers, directors or trustees, and those principal owners or members. This information shall provide the basis for investigations and findings contemplated by Subsection D of this Section.
C. At the time application is made, the applicant shall pay to the department a fee for investigating the application, as prescribed by the department by rule, in an amount sufficient to defray the department’s costs of investigating the applicant.
D. Upon the filing of the application and the payment of the fees, the department shall investigate the facts concerning the application and the applicable requirements of Subsection B of this Section.
E. Certification of a community development corporation or a community development financial institution shall expire two years from the date of the certification. This certification may be renewed for subsequent two-year periods upon application by the corporation or institution and approval by the department.
F. Financial reports.
(1) Certified community development corporations and certified community development financial institutions shall file with the department, on or before the anniversary date of their certification, an annual financial report for the preceding calendar year.
(2) An analysis and summary of these reports shall be included in the department’s annual report to the legislature.
(3) Such financial report shall be in writing, sworn to and signed by a notary public, and in the form prescribed by the department by rule.
(4) Such financial report shall contain, but is not limited to, the following information:
(a) Balance sheets for the beginning and end of the accounting period, including a reconciliation of surplus.
(b) A statement of income and expenses for the period.
(c) A schedule of assets used by and useful for the corporation or institution to conduct its business.
(d) An analysis of charges for the period.
(e) A statement of the size and type of loans, either owed by or owed to the corporation or institution.
G. The department shall not renew certification of a corporation or an institution upon a finding that the corporation or institution does not comply with the applicable provisions of Subsection B of this Section.
H. The department shall revoke the certification of a corporation or an institution upon the finding that the corporation or institution does not comply with the applicable provisions of Subsection B of this Section.
I. Denial of certification, denial of renewal of certification or revocation of certification.
(1) The department shall serve notice of intent not to grant certification, intent not to renew a certification, or intent to revoke a certification upon the corporation or institution with a brief statement of the reasons alleged.
(2) Such notice shall be served by certified mail or by mail service requiring a return receipt.
(3) The corporation or institution may request a hearing within thirty days of receiving notice by filing a request for a hearing with the department. Such hearing shall be conducted pursuant to the provisions of the Administrative Procedure Act, La. Rev. Stat. 49:950, et seq.
(4) The department shall certify such donations, contributions, and sales below cost, as appropriate, as eligible for a tax credit, as specified in La. Rev. Stat. 47:6031.
Acts 2007, No. 374, §1, eff. July 10, 2007.