1. A. Pursuant to the authority granted under R.S. 51:3088(A) and 3089(4), the following fee and assessment structure is hereby established to cover necessary costs associated with the administration of the Louisiana Community Development Financial Institution Act, R.S. 51:3081 et seq.

   1. 1. Fees and Assessments

      Description	Fee
      a. Application for certification as a LCDFI.	$2,000
      b. Annual assessment fee of each LCDFI at a floating rate to be assessed no later than May 15 of each year, to be based on the total certified capital under management, as defined in LAC 10:XV.1702, as of the previous December 31 audited financial statements. Any amounts collected in excess of actual expenditures related to the administration of the Louisiana community development financial institution act by the Office of Financial Institutions shall be credited or refunded on a pro rata basis. Any shortages in assessments to cover actual operating expenses of OFI relating to the administration of the Louisiana community development financial institution act shall be added to the next variable assessment or billed on a pro rata basis.	Variable
      c. Late fee for each calendar day that an assessment fee is late pursuant to the requirements of LAC 10:XV.1712.A.1.b.	$100 per day
      d. Fee for request filed on December 1 of each year for certification of capital pursuant to R.S. 51:3085 in order obtain an allocation of certified capital.	$1,000 Non-refundable
      e. Fee for annual review of each LCDFI to determine the company's compliance with statutes and regulations.	$50 per hour, per examiner, or $500, whichever is greater.

   2. 2. Administration

      1. a. The failure to timely submit a fee with the request for allocation as required in §1712.A.1.d shall result in the denial of an allocation of certified capital.
      2. b. The assessment described in §1712.A.1.b shall be considered timely if received by the office on or before
         May 31 of each calendar year. If the office receives an assessment after May 31, it shall not be deemed late if it was postmarked on or before May 31.
      3. c. Unless annual audited financial statements are submitted to the office by April 30, annual unaudited financial statements shall be submitted no later than May 1. These unaudited financial statements shall then be used to determine the assessment amount provided for in §1712.A.1.b. Accompanying these audited or unaudited financial statements shall be a detailed calculation of total certified capital under management as of December 31.
      4. d. If neither an audited nor unaudited financial statement has been received by this office by May 1, the late fee described in §1712.A.1.c shall be assessed beginning on June 1 until the assessment has been paid in full.
      5. e. If any of the dates prescribed in §1712.A.2.b and §1712.A.2.c with the exception of the April 30 and the December 31 due date for audited financial statements, occurs on an official state holiday, a Saturday, or a Sunday, the next business day for the Office of Financial Institutions shall be the applicable due date.

      6. f. The assessment for each Louisiana Community Development Financial Institution, as defined in R.S. 51:3084(9), and described in §1712.A.1.c shall be based on the following formula.

         1. i. The numerator will be the total certified capital under management of the LCDFI as of December 31 of the previous year.
         2. ii. The denominator will be the total certified capital under management for all Louisiana community development financial institutions as of the previous December 31.
   3. 3. Severability. If any provision or item of this regulation, or the application thereof, is held invalid, such invalidity shall not affect other provisions, items, or applications of the regulation which can be given effect without the invalid provisions, items, or application.

Authority Note

AUTHORITY NOTE: Promulgated in accordance with R.S. 51:3081 et seq.

Historical Note

HISTORICAL NOTE: Promulgated by the Office of the Governor, Office of Financial Institutions, LR 32:845 (May 2006).