Louisiana Administrative Code Title 10 - FINANCIAL INSTITUTIONS, CONSUMER CREDIT, INVESTMENT SECURITIES AND UCC
Here’s an updated overview of Louisiana Administrative Code, Title 10 – Financial Institutions, Consumer Credit, Investment Securities, and UCC:
📘 Title 10 Overview
Title 10 governs the regulation of financial and credit services in Louisiana. It’s organized into distinct Parts addressing oversight, licensing, and compliance:
1. Part I – Financial Institutions
Covers state-chartered banks, savings institutions, and their subsidiaries—detailing fee structures, record-keeping, trust powers, external audits, and permitted activities (doa.la.gov).
2. Part III – Banking
Lays out general provisions and specifics like direct lease-finance activities, insider lending restrictions, and definitions (doa.la.gov).
3. Part V – Thrifts
Regulates mutual-to-stock conversions of savings & loan associations, including member eligibility, subscription offers, underwriting limits, voting rights, and commissioner review (doa.la.gov).
4. Part VII – Savings Banks
(Not detailed via search, but typically similar in framework to Thrifts and Credit Unions.)
5. Part IX – Credit Unions
Specifies annual assessments by asset levels, filing of bylaw amendments, rules for common-bond fields, and examination requirements (doa.la.gov).
6. Part XI – Consumer Credit
Addresses regulations for consumer lending, including thrift club memberships, licensing, public notices, and commissioner oversight (doa.la.gov).
7. Part XIII – Investment Securities
Focuses on registration of securities, disclosure, suitability standards, impoundment provisions, fiduciary duties of advisors, and the relocation of public-fund investment rules to Title 71 (law.cornell.edu).
8. Part XV – Other Regulated Entities
Includes licensing and regulation of entities such as business/industrial development corporations, repossession agents, check cashers, mortgage brokers, pawnshops, and consumer finance businesses (doa.la.gov).
9. Part XVII – Miscellaneous Provisions
Covers procedural rules, like informal compliance opportunities prior to license suspension or revocation .
10. Part XIX – Uniform Commercial Code (UCC)
Implements UCC Article 9 on secured transactions—including policies, filing/form requirements for UCC-1s, UCC-3s, and continuation statements (doa.la.gov).
🔍 Notable Provisions
Fee Schedules: State-chartered banks and credit unions pay annual or per-service fees (e.g., licensing, assessment, examination) (doa.la.gov).
Conversion Rules: Thrifts must follow strict protocols for mutual-to-stock conversions, including share limits for insiders and commissioner approval (doa.la.gov).
Consumer Protection: Licenses for brokers, lenders, and check cashers require public notices and commissioner oversight; public funds securities moved to Title 71 (law.cornell.edu).
UCC Filing Standards: Forms and procedures for secured filings and amendments standardize collateral recording (sos.la.gov).
📅 Version & Updates
The most recent PDF version is dated April 2024; Justia indicates updates through December 20, 2024, for Part XIII (doa.la.gov).
UCC amendments were last noted in April 2014 by the Secretary of State (sos.la.gov).
✅ Summary Table
| Part | Scope |
|---|---|
| I | Financial Institutions – banks, audits, trust powers |
| III | Banking – lease-financing, insider loan rules |
| V & VII | Thrifts & Savings Banks – conversions, capital rules |
| IX | Credit Unions – assessments, field-of-membership |
| XI | Consumer Credit – licensing, regulations |
| XIII | Investment Securities – registration, advisor duties |
| XV | Other Entities – financing corporations, repossessions |
| XVII | Miscellaneous – enforcement procedures |
| XIX | UCC – secured transaction filings |
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