HLS 14RS-996 ORIGINAL
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CODING: Words in struck through type are deletions from existing law; words underscored
are additions.
Regular Session, 2014
HOUSE BILL NO. 730
BY REPRESENTATIVE KATRINA JACKSON
FINANCIAL INSTITUTIONS: Permits providers of deferred presentment transactions or
small loans to report positive information to credit bureaus
AN ACT1
To amend and reenact R.S. 9:3571, relative to the disclosure of financial information by2
certain persons; to provide that makers of deferred presentment transactions or small3
loans shall disclose certain information; to prohibit the disclosure of certain4
information; and to provide for related matters.5
Be it enacted by the Legislature of Louisiana:6
Section 1. R.S. 9:3571 is hereby amended and reenacted to read as follows: 7
ยง3571. Dissemination of specific credit information; subpoena of records;8
requirements; penalties9
A. A savings bank, a savings and loan association, a company issuing credit10
cards, or a business offering credit shall disclose financial records of its customers11
only pursuant to R.S. 6:333.12
B.(1) Upon written request of the borrower, a licensee as defined by R.S.13
9:3578.3(3) shall furnish a credit reporting agency or rating agency financial records14
relating solely to the existence of accounts and promptness of payments of the15
requesting borrower.16
(2) A licensee as defined by R.S. 9:3578.3(3) shall not furnish a credit17
reporting agency or rating agency any other financial records, including but not18
limited to negative financial records of its borrowers, except those which are19
authorized by this Subsection.20 HLS 14RS-996 ORIGINAL
HB NO. 730
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CODING: Words in struck through type are deletions from existing law; words underscored
are additions.
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)]
Katrina Jackson HB No. 730
Abstract: Requires deferred presentment transactions or small loan licensees disclose the
existence of accounts and promptness of payments to credit reporting agencies or
rating agencies upon request of the borrower.
Present law provides that a savings bank, a savings and loan association, a company issuing
credit cards, or a business offering credit shall disclose financial records of its customers
only pursuant to present law (R.S. 6:333).
Proposed law retains present law.
Present law provides for licensing by the commissioner of financial institutions of persons
offering deferred presentment transactions or small loans, or both.
Proposed law retains present law.
Proposed law provides that persons licensed to offer deferred presentment transactions or
small loans, or both, shall, upon request of the borrower, furnish a credit reporting agency
or rating agency financial records relating solely to the existence of accounts and promptness
of payments of the requesting borrower, but not any other financial records, including but
not limited to negative financial records of its borrowers.
(Amends R.S. 9:3571)