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05-255 Office of Financial Institutions

The Office of Financial Institutions (OFI) charters, licenses, and supervises those entities under its jurisdiction. The program regulates all state-chartered depository institutions including banks, savings banks, savings and loan associations, their respective holding companies, and credit unions. The program is responsible for registering and licensing licensed lenders, pawnbrokers, collection agencies, loan brokers, mortgage lenders, repossession agents, credit repair service organizations, and bond for deed escrow agents as well as retail sales finance businesses which are required to file notification with OFI. All securities offerings, agents, broker-dealers, investment advisors, and BIDCO/CAPCO's are also registered/licensed by this office. The Office of Financial Institutions encourages the development of new technologies and reviews and analyzes economic trends in order to enable the financial services industry to promote economic growth and the expansion of commerce and industry.

The Office of Financial Institutions has only one program, Financial Institutions. Therefore, the mission and goals of the Office of Financial Institutions are the same as those listed for the Financial Institutions Program in the program description that follows.

BUDGET SUMMARY

This agency's recommended appropriation does not include any funds for short-term debt.

This agency does not have any long-term debt for Fiscal Year 1998-1999.

This agency's recommended appropriation also includes the following amount by means of financing for payments on the unfunded accrued liability of the Louisiana State Employees' Retirement System in accordance with the provisions of Article X, Section 29 of the Constitution of Louisiana:

State General Fund by:

 

 

     Fees & Self-gen. Revenues

 

$301,089

 

 

 

Total

 

$301,089


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