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)