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Can you summarize LAAC Title 10, Part III?
Financial Institutions, Consumer Credit, Investment Securities and UCC (Last Amended Date: February 2023) > Banking
Short Summary
The provided legal document content pertains to the Louisiana Administrative Code governing Financial Institutions, Consumer Credit, Investment Securities, and UCC in the context of banking. These documents outline regulations and guidelines for entities involved in banking activities in Louisiana. The specific aspects covered by these documents include the organization and operation of financial institutions, consumer credit practices, investment securities regulations, and the Uniform Commercial Code (UCC) provisions. The documents aim to ensure the proper functioning and regulation of the banking sector in Louisiana, promoting fair practices and protecting the interests of consumers and investors. No exemptions or penalties for non-compliance or violation of the provisions are mentioned in the provided legal document content. The provided legal document content covers various aspects of lending, financing, and other activities conducted by Louisiana state banks and other entities within the state. It includes regulations governing direct lease-financing transactions, loans secured by bank or bank holding company stock, activities of agreement corporations, legal lending limit exceptions for real estate financing, exchange of other real estate by banks, acquisition of loan pools by banks, sale of annuities within the state of Louisiana, and sale of insurance in Louisiana. These regulations apply to Louisiana state banks, state-chartered banks, state-chartered savings banks, holding companies that control a bank, agreement corporations, and individuals and entities involved in the sale of insurance in Louisiana. The documents provide guidelines, requirements, and limitations for each specific activity, ensuring compliance with applicable laws and regulations. However, no specific exemptions or penalties are mentioned in the provided legal document content. This document governs the annual directors’ examination and external audit program for state banks, savings banks, and savings and loan associations in Louisiana. It requires these institutions to conduct an annual external audit program to examine their books, records, and accounts. The board of directors of each institution is responsible for determining the appropriate audit program based on the institution’s size, complexity, and significant risks. The audit committee oversees the annual external audit program and presents a written report to the board of directors. The rule specifies the types of acceptable annual external audit programs, including financial statement audits, balance sheet audits, reports on internal control structure, and agreed-upon procedures or state-required examination reports. The document also outlines the qualifications required for independent public accountants or auditors performing the audit programs. Certain exemptions apply to institutions with total assets of $500 million or more, institutions insured by the FDIC for less than four years, and institutions under enforcement actions requiring more stringent audits. The document establishes reporting requirements and due dates for filing reports, management letters, and management’s responses. It also addresses the audit requirements for holding company subsidiaries and institutions included in consolidated financial statements. Access to examination workpapers and materials is granted to auditors and authorized state and federal examiners. The document was promulgated in accordance with relevant Louisiana statutes. The provided legal document content pertains to the fee and assessment structure for international banking activities in Louisiana. It applies to foreign banks, bank holding companies, financial holding companies, U.S. banks, and out-of-state foreign banks operating in Louisiana. The fees and assessments outlined in the document cover the necessary costs associated with the administration of the International Banking Statutes. The document specifies the fees for various applications, such as establishing and operating subsidiary banks, branches, international banking facilities, representative offices, agencies, and administrative offices. Additionally, examination fees for different entities operating in Louisiana are mentioned. The authority for this document is derived from R.S. 6:551.7 and 6:551.24. No exemptions or penalties are mentioned in the document.
Whom does it apply to?
Louisiana state banks, state-chartered banks, state-chartered savings banks, holding companies that control a bank, agreement corporations, and individuals and entities involved in the sale of insurance in Louisiana
What does it govern?
Louisiana Administrative Code governing Financial Institutions, Consumer Credit, Investment Securities, and UCC in the context of banking
What are exemptions?
No specific exemptions are mentioned in the provided legal document content
What are the Penalties?
No specific penalties are mentioned in the provided legal document content
Jurisdiction
Louisiana