HLS 14RS-1360 ORIGINAL
Page 1 of 2
CODING: Words in struck through type are deletions from existing law; words underscored
are additions.
Regular Session, 2014
HOUSE BILL NO. 685
BY REPRESENTATIVE BARROW
FINANCIAL INSTITUTIONS: Places a moratorium on licensing of new deferred
presentment and small loan institutions in the state
AN ACT1
To enact R.S. 9:3578.9, relative to a moratorium on licenses to offer deferred presentment2
transactions or small loans; to prohibit the office and the commissioner of financial3
institutions from licensing persons to offer deferred presentment transactions or4
small loans, or both; to provide for the renewal of licenses to offer deferred5
presentment transactions or small loans, or both; to provide for an effective date; and6
to provide for related matters.7
Be it enacted by the Legislature of Louisiana:8
Section 1. R.S. 9:3578.9 is hereby enacted to read as follows: 9
ยง3578.9. Moratorium on new licenses to offer deferred presentment transactions or10
small loans, or both11
Effective August 1, 2014, the office of financial institutions, or the12
commissioner of the office of financial institutions, shall not issue licenses to persons13
to offer deferred presentment transactions or small loans, or both. Licenses may be14
renewed for any person who held a valid license to offer deferred presentment15
transactions or small loans, or both, prior to August 1, 2014.16
Section 2. This Act shall become effective upon signature by the governor or, if not17
signed by the governor, upon expiration of the time for bills to become law without signature18
by the governor, as provided by Article III, Section 18 of the Constitution of Louisiana. If19 HLS 14RS-1360 ORIGINAL
HB NO. 685
Page 2 of 2
CODING: Words in struck through type are deletions from existing law; words underscored
are additions.
vetoed by the governor and subsequently approved by the legislature, this Act shall become1
effective on the day following such approval.2
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)]
Barrow HB No. 685
Abstract: Provides for a moratorium on the issuance of new licenses to offer deferred
presentment transactions or small loans, or both.
Present law provides that the office of financial institutions, or the commissioner of the
office of financial institutions, shall issue licenses to persons to offer deferred presentment
transactions or small loans, or both.
Proposed law provides that effective August 1, 2014, the office of financial institutions, or
the commissioner of the office of financial institutions, shall not issue licenses to persons to
offer deferred presentment transactions or small loans, or both. Licenses may be renewed
for any person who held a valid license to offer deferred presentment transactions or small
loans, or both, prior to August 1, 2014.
Effective upon signature or upon lapse of time for gubernatorial action.
(Adds R.S. 9:3578.9)