La. Admin. Code tit. 10 § XI-905

Current through Register Vol. 50, No. 11, November 20, 2024

Section XI-905 - Procedure for Consumers of Financial Services to Comment on Petitioner's Request for Approval of Additional Fees and Charges

A. When a creditor petitions the commissioner to request approval of an additional fee or charge in accordance with this rule, a notice may be published in the Louisiana Register that such petition has been received by the commissioner. The notice shall apprise the public that a formal request for an additional fee or charge has been made and that the commissioner will consider the merits of the request and make a decision regarding its approval within a time to be stated in the notice. Any interested person, shall have the opportunity to submit written comments, observations, or objections to the request. The comments, observations, or objections shall bear a postmark of not later than 15 days after publication of the notice in the Louisiana Register.

B. In addition to the public notice that is provided for by §903 C, the commissioner may inform the general public by a press release, which is distributed to newspapers which have a general circulation, that a creditor has filed a petition requesting approval of an additional fee or charge and that any interested person may make comments, observations, or objections known in the same manner and in the same time as is provided for in Subsection A of this Section.

C. The notice which is provided for by §903. C and the press release which is permitted by Subsection B of this Section shall briefly summarize the creditor's reasons for requesting the additional fee or charge. The notice and press release shall inform the general public that any person may obtain a copy of the creditor's request, including any attachments or documents filed therewith to support the request, at no cost to the person requesting it. A copy of the petition and attachments may be obtained by a written request sent via U.S. Postal Service, addressed to the Chief Examiner, Non-Depository Division, Office of Financial Institutions, 8660 United Plaza Boulevard, Baton Rouge, LA 70809. In the alternative, any person may obtain, in person, a copy at the same address between the hours of 8 a.m. and 4:30 p.m., Monday through Friday.

D. By the end of the month following the month in which the petition for additional fees and charges was filed with the Office of Financial Institutions, if the fee or charge is approved, the commissioner may announce the decision and publish it in the Potpourri section of the Louisiana Register which is issued in the month following the decision.

E. The creditor shall, within 30 days after the Office of Financial Institutions receives the Office of the State Register's invoice for costs of publication, reimburse the Office of Financial Institutions the total cost of publishing the notices provided for by Subsections A, C and D.

La. Admin. Code tit. 10, § XI-905

Promulgated Department of Economic Development, Office of Financial Institutions, LR 26:1992 (September 2000), repromulgated LR 26:2258 (October 2000).

AUTHORITY NOTE: Promulgated in accordance with R.S. 9:3517(C).