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ACT No. 199
Regular Session, 2012
HOUSE BILL NO. 508
BY REPRESENTATIVE PONTI
AN ACT1
To enact R.S. 6:1083(24) and 1086(D), relative to residential mortgages; to define "regularly2
engaged"; to exempt from licensure as a mortgage loan originator or a mortgage3
broker or lender those persons not regularly engaged in residential mortgage lending;4
to provide for an effective date; and to provide for related matters.5
Be it enacted by the Legislature of Louisiana:6
Section 1. R.S. 6:1083(24) and 1086(D) are hereby enacted to read as follows: 7
§1083. Definitions8
As used in this Chapter:9
* * *10
(24) The term "regularly engaged" means either of the following:11
(a) Engaged in residential mortgage lending activity, during the previous or12
current calendar year, as a mortgage loan originator in connection with more than ten13
residential mortgage loans or in connection with any residential mortgage loan14
having a principal amount exceeding twenty-five thousand dollars, or employed by15
an employer who meets the thresholds set forth in Subparagraph (b) of this16
Paragraph.17
(b) Engaged in residential mortgage lending activity, during the previous or18
current calendar year, as a mortgage loan broker, lender, or both, separately or19
combined, in connection with residential mortgage loans for which the combined20
original principal balance exceeds two hundred fifty thousand dollars or in21
connection with any residential mortgage loan having a principal amount exceeding22
twenty-five thousand dollars.23
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§1086. Licensure requirement1
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D. For purposes of Subsection A of this Section, a person shall not be3
considered to be engaged in residential mortgage lending activity in this state unless4
that person is regularly engaged in residential mortgage lending activity. This5
Subsection shall have no effect if the federal Consumer Financial Protection Bureau6
determines that the provisions of the Secure and Fair Enforcement for Mortgage7
Licensing Act of 2008 (P.L. 110-289) do not allow an exception from coverage for8
those not so regularly engaged. 9
Section 2. This Act shall become effective upon signature by the governor or, if not10
signed by the governor, upon expiration of the time for bills to become law without signature11
by the governor, as provided by Article III, Section 18 of the Constitution of Louisiana. If12
vetoed by the governor and subsequently approved by the legislature, this Act shall become13
effective on the day following such approval.14
SPEAKER OF THE HOUSE OF REPRESENTATI VES
PRESIDENT OF THE SENATE
GOVERNOR OF THE STATE OF LOUISIANA
APPROVED: