La. Admin. Code tit. 10 § XV-505
Current through Register Vol. 50, No. 11, November 20, 2024
Section XV-505 - ParametersA.Section 3576.2 of the Collection Agency Regulation Act, ("CARA"), R.S. 9:3576.1 et seq., empowers the Commissioner of Financial Institutions ("Commissioner") to regulate the licensing, operations, and practices of collection agencies and debt collectors to protect the welfare of the citizens of the state of Louisiana. R.S. 9:3576.5.D authorizes the commissioner to examine the books, records, and accounts of all persons regulated by CARA. The commissioner possesses the power to clarify, by rule, the parameters of the examinations performed by the Office of Financial Institutions. Those parameters include the examination of any and all of the records required to determine compliance with the CARA. Licensees are to maintain records in compliance with rules promulgated by the commissioner. The commissioner is further authorized to establish policies and procedures for the examination of in-state and out-of-state collection agencies and debt collectors; such policies and procedures may be modified from time to time to assure compliance with CARA.La. Admin. Code tit. 10, § XV-505
Promulgated by the Office of the Governor, Office of Financial Institutions, LR 28:484 (March 2002).AUTHORITY NOTE: Promulgated in accordance with R.S. 9:3576.4 and Senate Concurrent Resolution 65 of the 2001 Regular Session of the Louisiana Legislature.