LAC 19:VII.7231 – Withdrawal of Excess Deposits in Loss Reserve Accounts

A. LEDC may withdraw any excess deposits in its loss reserve account if the balances in a loss reserve account have exceeded the aggregate outstanding balances of enrolled loans continuously for a period of six calendar months. LEDC may withdraw the excess of the balance of the loss reserve account over the total balance of enrolled loans on the last day of the sixth calendar month of such excesses, and on the last day of each calendar quarter thereafter, so long as an excess continues to exist.

AUTHORITY NOTE: Promulgated in accordance with R.S. 51:2312 (A)(7), (B)(1) and (B)(3).

HISTORICAL NOTE: Promulgated by the Department of Economic Development, Louisiana Economic Development Corporation, LR 26:2250 (October 2000).