Ask Reggi Your Question Now

Reggi is the free generative AI assistance for regulatory compliance
Ask a Question

Can I collect financial information from participants in Louisiana? What are the requirements?

To collect financial information from participants in Louisiana, you must comply with the requirements set forth in Louisiana law. The specific requirements may vary depending on the purpose for which you are collecting financial information.

If you are collecting financial information for the purpose of conducting a lottery, you must comply with the regulations set forth by the Louisiana Lottery Corporation (LLC) [2.1]. According to LARS § 47.9009, the LLC shall conduct and administer lottery games which will result in maximization of revenues to the state of Louisiana. The LLC, its employees, and the members of the board shall provide for the effective operation of lottery games which ensure the integrity of the lottery and maintain the dignity of the state and the general welfare of its citizens. LARS § 47.9050 states that to govern the selection of lottery retailers, the board shall, by administrative regulation, develop a list of objective criteria upon which the selection of lottery retailers shall be based. Separate criteria shall be developed to govern the selection of retailers of instant tickets and on-line retailers. In developing these criteria, the board shall consider such factors as the financial responsibility of the applicant, the accessibility of the applicant’s place of business, and the applicant’s experience in retail sales.

If you are collecting financial information for other purposes, such as for investment or co-investment, you must comply with the requirements set forth in Louisiana Administrative Code (LAC) [3.1]. For example, §2515, 19 LAAC Part VII Chapter 25 Section 2515 requires funds receiving investments under the Louisiana Fund program to submit quarterly and annual financial and narrative reports on the use of Louisiana Fund monies and all other investments made by the fund during the reporting period. The narrative report shall include the number of applications received in addition to other activities and the number of applications received from minority-owned firms. Reports must include a listing of all investors in each business and all subsequent financing.

Therefore, it is recommended that you consult with legal counsel to ensure compliance with all applicable laws and regulations based on the specific purpose for which you are collecting financial information from participants in Louisiana.

Source(s):
Jurisdiction

Louisiana