Terms Used In Louisiana Revised Statutes > Title 6 > Chapter 17 > Part IX - Authority of Commissioner

• Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
• Answer: The formal written statement by a defendant responding to a civil complaint and setting forth the grounds for defense.
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
• Clerk of court: An officer appointed by the court to work with the chief judge in overseeing the court's administration, especially to assist in managing the flow of cases through the court and to maintain court records.
• Commissioner: means the commissioner of the office of financial institutions. See Louisiana Revised Statutes 6:1382
• Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
• Continuance: Putting off of a hearing ot trial until a later time.
• Contract: A legal written agreement that becomes binding when signed.
• Conviction: A judgement of guilt against a criminal defendant.
• Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
• Court reporter: A person who makes a word-for-word record of what is said in court and produces a transcript of the proceedings upon request.
• Custody services: means the safekeeping or custody of virtual currency or other assets by a financial institution or trust company. See Louisiana Revised Statutes 6:1401
• Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial.
• Dismissal: The dropping of a case by the judge without further consideration or hearing. ^Source:
• Ex officio: Literally, by virtue of one's office.
• Exchange: when used as a verb, means to assume control of virtual currency from, or on behalf of, a resident, at least momentarily, to sell, trade, or convert either of the following:

              (a) Virtual currency for legal tender, bank credit, or one or more forms of virtual currency. See Louisiana Revised Statutes 6:1382

• Federal Deposit Insurance Corporation: A government corporation that insures the deposits of all national and state banks that are members of the Federal Reserve System. ^{Source: OCC}
• Fiduciary: A trustee, executor, or administrator.
• Financial institution: means a federally insured depository institution chartered pursuant to the laws of this state, another state, or the United States. See Louisiana Revised Statutes 6:1401
• Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
• Fraud: Intentional deception resulting in injury to another.
• Insolvent: means any of the following:

              (a) Having generally ceased to pay debts in the ordinary course of business other than as a result of a bona fide dispute. See Louisiana Revised Statutes 6:1382

• institution-affiliated party: means :

  (1)  A director, officer, employee, agent, or controlling stockholder of a savings bank operating under this Chapter. See Louisiana Revised Statutes 6:1335

• Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
• Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). ^{Source: OCC}
• Legal tender: means a medium of exchange or unit of value, including the coin or paper money of the United States, issued by the United States or by another government if the issuance by another government is not virtual currency. See Louisiana Revised Statutes 6:1382
• Legal tender: coins, dollar bills, or other currency issued by a government as official money. ^{Source: U.S. Mint}
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• Licensee: means a person licensed pursuant to this Chapter. See Louisiana Revised Statutes 6:1382
• NMLS: means the multistate system developed by the Conference of State Bank Supervisors and the American Association of Residential Mortgage Regulators and owned and operated by the State Regulatory Registry LLC, or any successor or affiliated entity, for the licensing and registration of persons in financial services industries or any other similar online multistate database. See Louisiana Revised Statutes 6:1382
• Nolo contendere: No contest-has the same effect as a plea of guilty, as far as the criminal sentence is concerned, but may not be considered as an admission of guilt for any other purpose.
• Nonconforming payment: means a payment made by a student loan borrower that is more or less than the required payment for a student education loan account. See Louisiana Revised Statutes 6:1411
• Oath: A promise to tell the truth.
• Office: means the office of financial institutions. See Louisiana Revised Statutes 6:1382
• Open-end credit: A credit agreement (typically a credit card) that allows a customer to borrow against a preapproved credit line when purchasing goods and services. The borrower is only billed for the amount that is actually borrowed plus any interest due. (Also called a charge account or revolving credit.) ^{Source: OCC}
• Oversight: Committee review of the activities of a Federal agency or program.
• Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
• Person: means an individual, general partnership, limited partnership, limited liability company, corporation, trust, association, joint stock corporation, or other legal entity, or any individual or group of individuals, however organized. See Louisiana Revised Statutes 6:1382
• person: includes a body of persons, whether incorporated or not. See Louisiana Revised Statutes 1:10
• Plea: In a criminal case, the defendant's statement pleading "guilty" or "not guilty" in answer to the charges, a declaration made in open court.
• Pleadings: Written statements of the parties in a civil case of their positions. In the federal courts, the principal pleadings are the complaint and the answer.
• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• Reporter: Makes a record of court proceedings and prepares a transcript, and also publishes the court's opinions or decisions (in the courts of appeals).
• Resident: means any of the following:

              (i) A person who is domiciled in this state. See Louisiana Revised Statutes 6:1382

• Self-assessment: means either of the following:

              (a) A financial institution's or trust company's voluntary, self-initiated internal assessment, audit, or review of the financial institution or trust company and its practices, policies, and procedures. See Louisiana Revised Statutes 6:1401

• servicing: means :

              (a) Receiving any scheduled periodic payments from a student loan borrower or notification of such payments and applying payments to the student loan borrower's account pursuant to the terms of the student education loan or a governing contract. See Louisiana Revised Statutes 6:1411

• State: means a state of the United States, the District of Columbia, Puerto Rico, the United States Virgin Islands, or any territory or insular possession subject to the jurisdiction of the United States. See Louisiana Revised Statutes 6:1382
• Statute: A law passed by a legislature.
• Student education loan: means any of the following:

              (i) A loan that is made, insured, or guaranteed under Title IV of the Higher Education Act of 1965, as amended. See Louisiana Revised Statutes 6:1411

• Student loan borrower: means a resident of this state who meets either of the following criteria:

              (a) Has received or agreed to pay a student education loan. See Louisiana Revised Statutes 6:1411

• Student loan servicer: means a person or entity who is engaged in the business of servicing a student education loan owed by a student loan borrower. See Louisiana Revised Statutes 6:1411
• Subpoena: A command to a witness to appear and give testimony.
• Tangible net worth: means all business assets minus liabilities and intangible assets, including goodwill and other intangible assets. See Louisiana Revised Statutes 6:1382
• Testimony: Evidence presented orally by witnesses during trials or before grand juries.
• Transfer: means to assume control of virtual currency from, or on behalf of, a resident and do any of the following:

              (a) Credit the virtual currency to the account of another person. See Louisiana Revised Statutes 6:1382

• Trust company: means a corporation or a limited liability trust company organized in accordance with this Title, the laws of another state, or pursuant to the laws of the United States, including a trust company organized pursuant to the laws of this state before June 27, 2003, or an entity chartered to act as a fiduciary that is neither a depository institution nor a foreign bank. See Louisiana Revised Statutes 6:1401
• Trustee: A person or institution holding and administering property in trust.
• Unsafe or unsound act or practice: means and includes but is not limited to a practice or conduct by a person licensed to engage in virtual currency business activity in the state which creates the likelihood of material loss, insolvency, dissipation of the licensee's assets that materially prejudices the interests of residents, and any other set of facts and circumstances, as determined by the commissioner in accordance with this Chapter and applicable law. See Louisiana Revised Statutes 6:1382
• Virtual currency: means a digital representation of value that is used as a medium of exchange, unit of account, or store of value, and that is not legal tender, whether or not denominated in legal tender. See Louisiana Revised Statutes 6:1382
• Virtual currency business activity: means any of the following:

              (a) Exchanging, transferring, or storing virtual currency or engaging in virtual currency administration, whether directly or through an agreement with a virtual currency control services vendor. See Louisiana Revised Statutes 6:1382