La. Admin. Code tit. 10 § XV-111

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

Section XV-111 - Small Business Administration

A. If an applicant desires to participate in a program of the Small Business Administration, (SBA), or the commissioner determines that an application indicates that an applicants participation in such program will comprise a significant portion of the applicants business plan, the commissioner may grant conditional licensure to the applicant as a BIDCO subject to conditions determined by the commissioner, pending the submission by the applicant of evidence, deemed sufficient by the commissioner, of approval granted by the SBA, within 90 days of the issuance of the commissioners conditional licensure.

B. When a BIDCO contemplates having at least one-half of its investments in qualified Small Business Administration loans, that shall constitute a significant portion of its business plan for purposes of this regulation.

C. If the commissioner determines that sufficient evidence of SBA approval has not been provided to him within the time frame described in Subsection A. hereinabove, the commissioners conditional licensure shall be void, and the applicant shall have no right to any judicial, administrative, or other relief. The applicant may request new licensure subject to conditions pursuant to Subsection A. at least 10 business days prior to the expiration of an existing conditional license without filing a new application pursuant to this Chapter.

La. Admin. Code tit. 10, § XV-111

Promulgated by the Department of Economic Development, Office of Financial Institutions, LR 18:26 (January 1992), Amended by the Office of the Governor, Office of Financial Institutions, LR 441009 (6/1/2018).

AUTHORITY NOTE: Promulgated in accordance with R.S. 49:950 et seq., and R.S. 51:2389.