RS 12:1607 Recognition of conversion; updating of professional license - Louisiana Statutes

§1607.  Recognition of conversion; updating of professional license

A.  A domestic business entity, which is licensed by a state board or commission as a limited liability company, business corporation, partnership in commendam, or partnership, that converts under the provisions of this Chapter shall be recognized by the board or commission without having to file a new application for a license, certificate, or permit.  However, prior to updating a license, certificate, or permit of a converted entity, a state board or commission may require members of the converted entity to furnish the following:

(1)  A copy of the conversion application filed with the secretary of state.

(2)  A copy of the certificate of conversion issued by the secretary of state.

(3)  The current license, certificate, or permit issued by the board or commission.

(4)  A copy of the revised bond or certificate of insurance in the new name of the converted entity for any coverage required for the issuance of the updated license, certificate, or permit.

(5)  Any revised contract or other agreement required for the issuance of the license in the name of the converted entity.

B.  An updated license, certificate, or permit shall be issued by the board or commission within thirty days of receipt of all documents requested or fees charged pursuant to this Section, unless the licensee, certificate holder, or permittee owes any unpaid fines or fees to the board or commission, or is cited or charged with a violation of the laws or rules pertaining to the board or commission.

C.  Notwithstanding any other law or administrative rule to the contrary, no  fee charged by a state board or commission for updating a license, certificate, or permit of a converted entity shall exceed twenty-five dollars.

D.  An updated license, certificate, or permit issued pursuant to this Section shall have an effective date retroactive to the effective date of the conversion as stated on the certificate of conversion.

E.  Except for publicly traded entities, the provisions of this Section shall not apply to a converted entity seeking an updated license that has any change in ownership interests or has changed ownership by including an individual or entity that did not have an ownership interest in the entity immediately prior to the conversion.

Acts 2007, No. 63, §1.