House Bill No. 618, introduced by Representative McMakin, seeks to amend and reenact several provisions related to fees assessed by the Louisiana Economic Development (LED) department. The bill proposes significant increases in various fees, including raising the maximum fee for advance notifications from $250 to $350, the minimum application filing fee from $500 to $650, and the maximum application fee from $15,000 to $20,000. Additionally, it increases the maximum fee for loan guaranties from 4% to 5.5% of the guaranteed loan amount, and establishes a new fee for miscellaneous administrative documents capped at $350. The bill also allows for the secretary of LED to exercise discretion in reducing or waiving fees for small businesses facing financial hardship.

Furthermore, the bill amends the hourly rates for verification reports, increasing the maximum fee for contracted services from $225 to $325 per hour, while repealing the previous overall cap of $25,000 for such services. The effective date for these changes is set for January 1, 2027. The proposed law aims to ensure that fees collected are used solely for the administration of department programs and provides the secretary with the authority to adjust fees based on the financial context of small businesses, thereby promoting economic development in Louisiana.

Statutes affected:
HB618 Original: 36:104(C), 36:1(B)(1)
HB618 Engrossed: 36:104(C), 36:1(B)(1)