HLS 11RS-398 ENGROSSED
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CODING: Words in struck through type are deletions from existing law; words underscored
are additions.
Regular Session, 2011
HOUSE BILL NO. 144
BY REPRESENTATIVE ARNOLD
Prefiled pursuant to Article III, Section 2(A)(4)(b)(i) of the Constitution of Louisiana.
FINANCIAL INSTNS OFFICE: Provides relative to the Office of Financial Institutions
AN ACT1
To enact R.S. 6:121.8, relative to the Office of Financial Institutions; to provide for the use2
of electronic systems for data subject to regulation by the Office of Financial3
Institutions; to provide for definitions; to authorize the use of such systems; to4
provide for a limitation on the use of such systems; and to provide for related5
matters.6
Be it enacted by the Legislature of Louisiana:7
Section 1. R.S. 6:121.8 is hereby enacted to read as follows: 8
ยง121.8. Licensing Systems9
A. Notwithstanding any other law to the contrary, the commissioner shall10
have the authority to take all action regarding the utilization of an electronic database11
licensing system or systems with respect to any person subject to licensure by him,12
in his discretion as he deems necessary and appropriate, including but not limited to13
those contained within the Louisiana S.A.F.E. Residential Mortgage Lending Act,14
R.S. 6:1081, et seq.; provided, however, that any action taken pursuant to this15
Section shall not authorize the creation of an online system which shall be utilized16
to restrict or limit the authority of licensees to offer loans which are statutorily17
authorized.18 HLS 11RS-398 ENGROSSED
HB NO. 144
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CODING: Words in struck through type are deletions from existing law; words underscored
are additions.
B. For the purposes of this Section, the term "licensure" shall mean1
licensing, registration, regulation, and notification of all persons by the2
commissioner, except financial institutions as defined in R.S. 6:2(8).3
DIGEST
The digest printed below was prepared by House Legislative Services. It constitutes no part
of the legislative instrument. The keyword, one-liner, abstract, and digest do not constitute
part of the law or proof or indicia of legislative intent. [R.S. 1:13(B) and 24:177(E)]
Arnold HB No. 144
Abstract: Vests the commissioner of financial institutions with the authority to take any
necessary and appropriate action regarding the utilization of an electronic database
licensing system.
Proposed law authorizes the commissioner to take any action that he deems necessary and
appropriate regarding the utilization of an electronic database licensing system or systems,
with respect to persons subject to licensure by him.
Proposed law prohibits the creation of an online system to be utilized to restrict or limit the
authority of licensees of the Office of Financial Institutions to offer loans which are
statutorily authorized.
Proposed law shall extend but shall not be limited to persons who are covered by the La.
S.A.F.E. Residential Mortgage Lending Act, R.S. 6:1081, et seq.
Proposed law defines licensure as licensing, registration, regulation, and notification of all
persons by the commissioner of financial institutions, except financial institutions as defined
in proposed law.
(Adds R.S. 6:121.8)
Summary of Amendments Adopted by House
Committee Amendments Proposed by House Committee on Commerce to the original
bill.
1. Prohibits the creation of an online system to be utilized to restrict or limit the
authority of licensees of the office of financial institutions to offer loans which
are statutorily authorized.
2. Narrows the definition of licensure to exclude financial institutions.
3. Makes technical corrections.