Louisiana 2012 Regular Session

Louisiana Senate Bill SB326

Introduced
3/12/12  
Refer
3/12/12  
Report Pass
4/11/12  
Engrossed
4/17/12  
Refer
4/18/12  
Report Pass
5/1/12  
Enrolled
5/15/12  
Chaptered
5/22/12  

Caption

Requires the commissioner of the office of financial institutions to compile certain information from licensees under the Louisiana Deferred Presentment and Small Loan Act. (8/1/12)

Impact

By mandating the collection of comprehensive data, SB326 seeks to improve regulatory oversight of a sector often criticized for predatory lending practices. The gathered information will not only aid the commissioner in monitoring compliance but will also provide legislators with necessary insights to potentially inform future legislation aimed at consumer protection and financial regulation. The requirement for the commissioner to report this data to the legislature by April 1, 2014, underscores the bill's commitment to transparency and accountability in the financial services sector.

Summary

SB326 aims to enhance the oversight of deferred presentment transactions and small loan businesses by empowering the commissioner of the office of financial institutions in Louisiana. The bill requires the commissioner to collect and compile detailed information about these businesses, including the number of transactions, collected fees, locations of businesses, and data on unpaid checks. This data collection is intended to provide a clearer picture of the small loan and deferred presentment market, which is crucial for understanding the impact of these financial services on consumers and the economy.

Sentiment

Overall, the sentiment surrounding SB326 is positive, particularly among consumer advocacy groups who view it as a step toward better regulation of the small loan industry. Supporters argue that the data collected will be instrumental in identifying problematic practices and trends, thus fostering a more equitable lending environment. Opponents have expressed concerns about the administrative burden placed on small loan businesses and whether additional regulations may stifle their operations, though no substantial opposition is noted in the voting history.

Contention

Despite its support, there remain contentious points regarding the enforcement of the regulations and the potential for overreach. While the intention is to protect consumers, concerns about the balance between regulation and accessibility of financial services persist. The bill's passage with a unanimous vote suggests a strong bipartisan agreement on the need for oversight, though ongoing discussions may revisit the implications of such regulatory measures on both lenders and borrowers in the state.

Companion Bills

No companion bills found.

Previously Filed As

LA SB32

Changes the actuarial valuation method to entry age normal. (6/30/12) (OR NO IMPACT APV)

LA SB483

Allows golf carts to be driven by licensed and insured drivers on the roadways of Palmetto Island State Park. (8/1/12)

LA SB79

Authorizes ready-mixed concrete trucks to exceed maximum allowable gross vehicle weight under certain conditions. (8/1/12) (EN DECREASE SD RV See Note)

LA SB486

Provides relative to reinstatement of driving privileges under certain circumstances for persons convicted of certain offenses involving operating a vehicle while intoxicated. (gov sig)

LA SB138

Provides relative to special permits for vehicles hauling sugarcane. (8/1/12)

LA SB559

Requires proof of financial responsibility and notice of cancellation or termination to be submitted electronically. (8/1/12)

LA SB488

Provides relative to eligibility for a restricted license by persons convicted of certain crimes involving operating a vehicle while intoxicated. (gov sig)

LA SB582

Provides relative to handlebars on motorcycles. (8/1/12)

Similar Bills

No similar bills found.