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)