RS 9:3572.5

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RS 9:3572.5

§3572.5. Application form

A. The commissioner of financial institutions shall provide an application form that requires at least the following information which shall be given by the applicant:

(1)For a natural person:

(a)Full name.

(b)Date of birth.

(c)Place of birth.

(d)Business address.

(e)Home address.

(f)Name and address of employer.

(g)Names and addresses of the lenders through which the principal amount of the consumer loans or federally related mortgage loans are brokered.

(h)Number of consumer loans or federally related mortgage loans brokered in the past one-year period.

(i)A certified copy of the bond or of the formal notification by the depository of the establishment of the trust account required by R.S. 9:3572.8.

(2)For a corporation:

(a)Name.

(b)Copy of the certificate of incorporation if a Louisiana corporation.

(c)Copy of certificate authorizing the corporation to do business in Louisiana, if a foreign corporation.

(d)Address of the corporation in Louisiana.

(e)Address of the main corporate office, if outside of Louisiana.

(f)Name and address of president, secretary, and treasurer of the corporation.

(g)Name of each licensed loan broker through which it will conduct business.

(h)Names and addresses of the lenders through which the principal amount of consumer loans or federally related mortgage loans are brokered.

(i)Number of consumer loans or federally related mortgage loans brokered in the past one-year period.

(j)A certified copy of the bond or of the formal notification by the depository of the establishment of the trust account required by R.S. 9:3572.8.

B.(1) The commissioner may deny an application if he finds that the financial responsibility, character, and fitness of the applicant and its principals, owners, officers, directors, partners, and members, and the character and fitness of its managers are such as to warrant a belief that the business will not be operated honestly and fairly within the purposes of this Part.

(2)Upon written request, the applicant is entitled to a hearing on the question of his qualifications for a loan broker license if either of the following occurs:

(a)The commissioner has notified the applicant in writing that his application has been denied.

(b)The commissioner has not issued a permit within sixty days after the application therefor was filed.

(3)A request for a hearing may not be made more than fifteen days after the commissioner has mailed a written notice to the applicant notifying him that the application has been denied and stating in substance the commissioner's findings supporting denial of the application.

Acts 1986, No. 729, §1; Acts 1992, No. 353, §1, eff. June 17, 1992; Acts 1997, No. 1419, §1.