La. Admin. Code tit. 10 § XV-109

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

Section XV-109 - Licensing Procedures, Instructions and Guidelines

A. The application shall contain the following specific information:

1. name of applicant;

2. date of application;

3. address of applicant;

4. Louisiana corporate certification number and certified copies of the articles of incorporation and initial report filed with the Louisiana Secretary of State;

5. a federal tax identification number;

6. phone number, address and zip code;

7. a copy of any bylaws executed by the board of directors;

8. the designation of a correspondent, agent or person responsible for responding to questions relating to the application;

9. a resolution of the board of directors of the applicant corporation authorizing, empowering and directing an officer of the applicant corporation to apply for a license as a BIDCO, and to sign said application;

10. financial statements for all incorporators and initial directors;

11. the justification for preliminary approval, if so requested in the application;

12. description of the BlDCO's business plan, in a narrative form, which shall include, at a minimum, the following:

a. a description of the BlDCO's statement of purpose and organization;

b. types of lending and financing it intends to offer and to whom;

c. whether it intends to provide management assistance, and if so, to what extent and to whom;

d. will the BIDCO be a profit or nonprofit corporation;

e. proforma financial statements for the three consecutive years following the filing of the application, showing future earnings prospects;

f. a proposed net worth structure as required by R.S. 51:2392(B)(2);

13. a list of all of the directors, officers and controlling persons;

14. biographical information concerning the proposed directors, officers and controlling persons, including personal information, resume of each person's education, their employment record and prior associations or position with other BlDCO's and in what capacity in or out of Louisiana;

15. other pertinent information required by the commissioner.

B. Denial of License. The commissioner in his sole discretion may deny an application for a license as a Business and Industrial Development Corporation for the following non-exclusive reasons:

1. the applicant is not qualified as a BIDCO concern under R.S. 12:1 et seq.;

2. the applicant is in the process of having its charter revoked or is in litigation or in some other process affecting its further solvency or its status as a chartered organization;

3. the board of management of the applicant does not possess, in the judgment of the commissioner, sufficient competence to manage properly and prudently any funds which may be provided to it by a state-funded assistance program;

4. the applicant has not demonstrated that it is fully conversant with the legislative intent of Act 506 of the 1991 regular session, "The Louisiana Business and Industrial Development Corporation Act" and with these regulations developed pursuant to it, and that it is not fully committed to carry out the letter and spirit of said law and regulations.

La. Admin. Code tit. 10, § XV-109

Promulgated by the Department of Economic Development, Office of Financial Institutions, LR 18:25 (January 1992).

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