La. Admin. Code tit. 10 § XV-105

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

Section XV-105 - General Provisions

A. Application and Contents. The application shall be in such form and contain such information as the commissioner may from time-to-time prescribe. The commissioner may refuse to accept an application for filing until the applicants have submitted all required information. The application will contain a public section and a confidential section. The public portion of the application shall consist of the comments and information submitted by interested parties in favor of or in opposition to such application, the justification for preliminary approval, statement of purpose, description of the business, management and convenience and needs of the community. After the application is completed to the satisfaction of the commissioner, the application may be accepted for filing and for preliminary approval, if so requested.

B. Books and Records

1. A licensee shall make and keep its records in conformity with generally accepted accounting principles.

2. A licensee shall make and keep all of its records at its main office as identified in its application for a license, unless otherwise provided by the Louisiana Business and Industrial Development Corporation Act or at some other location authorized by prior written approval of the commissioner.

3. All books and records of a BIDCO shall be retained for the periods of time set in the regulation promulgated in Volume 9, Number 10 of the Louisiana Register, published October 20, 1983, which is incorporated herein by reference.

C. Commencement of Business. For purposes of this regulation, an applicant shall be deemed to commence business at the time when, the commissioner having issued such applicant a license, the applicant opens for the purpose of transacting business as a BIDCO pursuant to the Louisiana Business and Industrial Development Corporation Act.

La. Admin. Code tit. 10, § XV-105

Promulgated by the Department of Economic Development, Office of Financial Institutions, LR 18:24 (January 1992).

AUTHORITY NOTE: Promulgated in accordance with R.S. 51:2386 et seq.