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Coding: Words which are struck through are deletions from existing law;
words in boldface type and underscored are additions.
Regular Session, 2012
SENATE BILL NO. 326
BY SENATORS BROOME AND DORSEY-COLOMB
LOANS. 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)
AN ACT1
To enact R.S. 9:3578.8(C) and (D), relative to the Louisiana Deferred Presentment and2
Small Loan Act; to provide for duties of the commissioner of the office of financial3
institutions; to provide for the compiling of certain information; to require the4
commissioner to submit a report to the Louisiana Legislature by April 1, 2014; and5
to provide for related matters.6
Be it enacted by the Legislature of Louisiana:7
Section 1. R.S. 9:3578.8(C) and (D) are hereby enacted to read as follows:8
ยง3578.8. Powers of the commissioner; adoption of rules and regulations9
* * *10
C.(1) Beginning January 1, 2013, for a period of one year, the11
commissioner shall collect and compile information and data from licensees12
concerning the operation, function, and customers of deferred presentment13
transactions and small loan businesses.14
(2) The information and data collected by the commissioner from a15
licensee shall include, but not be limited to, the following:16
(a) The number of deferred presentment transactions and small loans17 SB NO. 326
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Coding: Words which are struck through are deletions from existing law;
words in boldface type and underscored are additions.
issued quarterly.1
(b) The fees collected quarterly on deferred presentment transactions2
and small loans.3
(c) The location of the licensee's business.4
(d) The number of checks returned unpaid for any reason and the5
amount of the fee charged by the licensee for such checks.6
D. The commissioner shall compile and submit to the legislature the7
information and data collected by April 1, 2014.8
The original instrument and the following digest, which constitutes no part
of the legislative instrument, were prepared by Michelle Ducharme.
DIGEST
Present law provides for the regulation of deferred presentment transactions and small loans
by the commissioner of the office of financial institutions ("commissioner").
Present law provides for duties of the commissioner.
Proposed law provides that beginning January 1, 2013, for a period of one year, the
commissioner shall collect and compile information and data from licensees concerning the
operation, function, and customers of deferred presentment transactions and small loan
businesses.
Proposed law provides that the information and data collected by the commissioner shall
include, but not be limited to the following:
(1)The number of loans issued quarterly.
(2)Location of the licensee's business and the number of loans and deferred presentment
transactions issued quarterly for each licensee.
(3)The number of checks returned unpaid for any reason and the amount of the fee
charged by the licensee for such checks.
Proposed law provides that the commissioner shall compile and submit to the legislature the
information and data collect by April 1, 2014.
Effective August 1, 2012.
(Adds R.S. 9:3578.8(C) and (D))
Summary of Amendments Adopted by Senate
Committee Amendments Proposed by Senate Committee on Commerce, Consumer
Protection, and International Affairs to the original bill.
1. Changes the date the commissioner shall begin collecting and compiling
data from September 1, 2012 to January 1, 2013. SB NO. 326
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Coding: Words which are struck through are deletions from existing law;
words in boldface type and underscored are additions.
2. Changes the collection of certain data from on a monthly basis to a quarterly
basis.
3. Removes the requirement that the commissioner must publish the data
compiled and collected.
4. Changes the date that the commissioner shall submit a report to the
legislature from January 1, 2013 to April 1, 2014.