RS 452 - Loan production offices; power of commissioner to adopt rules and regulations
A.(1) Any Louisiana state-chartered bank, savings bank, or savings and loan association, or a wholly owned operating subsidiary of such bank, savings bank, or savings and loan association, may open one or more loan production offices. Prior to opening a loan production office, the financial institution shall give written notice to the commissioner. Upon receiving the written notice, the commissioner has forty-five days to object. If the commissioner does not raise a timely objection, the financial institution may proceed with opening the loan production office. If the commissioner raises an objection, the commissioner shall, upon request, notify the financial institution in writing as to the nature of the objection.
(2) "Loan production office" means a physically manned location, other than the main office or branch office of a bank, savings bank, or savings and loan association, with the authority to conduct the solicitation and origination of applications for loans.
B. The commissioner shall authorize permissible activities of a loan production office by rule or regulation. The commissioner shall have the right, and is empowered to promulgate any rules, regulations, filing procedures, instructions, and fees that he deems necessary for the creation of loan production offices in the state.
C. Notwithstanding Subsections A and B of this Section, or any other law, rule, or regulation to the contrary, any state-chartered bank, savings bank, or savings and loan association may seek to conduct any activity at a loan production office that is a permissible activity for a loan production office of a national bank by complying with R.S. 6:242(C).
Acts 1992, No. 112, §1, eff. Sept. 1, 1992; Acts 2020, No. 183, §1.