§3086.  Certification of a Louisiana Community Development Financial Institution

A.  The commissioner shall provide by rule or regulation in accordance with the provisions of the Administrative Procedure Act for the procedures for making an application as a LCDFI.

B.  The commissioner shall review the articles of incorporation or the articles of partnership or articles of organization of each applicant entity for certification and the business history of the applicant entity, determine that the capitalization is at least five hundred thousand dollars from sources other than the state of Louisiana, and determine that the officers, board of directors, partners, managers, or members are thoroughly acquainted with the requirements of the LCDFI Act.

C.  The commissioner shall also verify that the applicant entity has been certified as a CDFI by the United States Department of the Treasury.

D.  Within sixty days of application, the commissioner shall issue the certification as a LCDFI and notify the Department of Revenue of said certification or shall refuse the certification and communicate in detail to the applicant entity the grounds for the refusal, including suggestions for the removal of those grounds.

E.  The commissioner shall furnish a list of persons or businesses who may claim the tax credit to the Department of Revenue on an annual basis each calendar year following receipt of such quarterly information as provided for under R.S. 51:3087.

Acts 2005, No. 491, §1, eff. July 12, 2005.