La. Admin. Code tit. 10 § XV-1704

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

Section XV-1704 - Certification 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 certification as a LCDFI, and to sign said application;

10. current (less than one year) financial statements for all incorporators and initial d directors;

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

a. a description of the LCDFI'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. whether the LCDFI will be a profit or nonprofit corporation;

e. pro forma 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. 51:3086(B);

12. a list of all of current directors, officers and controlling persons;

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

14. form granting the commissioner authority to obtain information from outside sources;

15. evidence that the applicant entity has been certified as a Community Development Financial Institution by the United States Department of the Treasury; and

16. other pertinent information as may be required by the commissioner in his sole discretion.

La. Admin. Code tit. 10, § XV-1704

Promulgated by the Office of the Governor, Office of Financial Institutions, LR 32:841 (May 2006).

AUTHORITY NOTE: Promulgated in accordance with R.S. 51:3081 et seq.