Linked to this location is an application form for use in requesting permission to establish a Loan Production Office (LPO), as well as a copy of the Rule, effective November 20, 1995, regarding the establishment of LPOs. Effective June 20, 1997, the filing fee to establish an LPO was eliminated.
Please comply with the following instructions to ensure a timely response from this Office:
- This Office will require the original of the completed application. A duplicate copy should be retained in your files.
- If any or all of the proposed premises is to be leased, submit a copy of the proposed lease, together with a statement from a Certified Public Accountant stating whether the lease is to be considered an operating lease or a capitalized lease according to the provisions of Accounting Standards Codification # 840 (formerly Statement of Financial Accounting Standards #13) – Accounting For Leases.
- Any purchase of real estate for future expansion must be in compliance with this Office’s Investment in Real Estate for Business Purposes Policy, revised March 14, 2005.
- Any involvement by a Director, Officer, or Shareholder who directly or indirectly controls five percent or more of any class of voting stock should be disclosed in this application. Involvement includes, but is not limited to, the sale or lease of property or equipment, legal fees, accounting fees, construction contracts, or consulting contracts.
- Include a summary of the cost estimates of any amounts which will be included in the institution’s premises and fixed assets classification. This dollar amount should include all land, building, and FF&E associated with the proposed facility.
Any questions you may have concerning the application should be directed to Deputy Chief Examiner Tim Robichaux at (225) 922-0878.