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)]
Barras HB No. 807
Abstract: Adds licensure requirement for persons engaged in residential mortgage servicing.
Present law provides for the purpose of the La. Secure and Fair Enforcement of Mortgage
Licensing Act of 2009 (SAFE Act).
Proposed law retains present law and makes the purpose applicable to mortgage servicers.
Present law defines certain terms in present law.
Proposed law amends the definition of "residential loan transaction" and "residential mortgage
lending activity" and adds the definition of "mortgage servicing".
Present law provides licensure requirements under the SAFE Act. Proposed law subjects
mortgage servicers to the same licensure requirements.
Present law provides exemptions to the act. Proposed law subjects mortgage servicers to the
same exemptions.
Present law provides for the application, renewal, and surety bond requirements of the act.
Proposed law subjects mortgage servicers to the requirements.
Proposed law requires persons engaged in residential mortgage servicing to the Louisiana SAFE
Mortgage Licensing Act.
Persons required to obtain a license solely because of the provisions of the proposed law shall
have until June 30, 2015, to do so.
Effective January 1, 2015.
(Amends R.S. 6:1082, 1083(18) and (20), 1086(A)(1), 1087(F)(intro. para.), 1088(D), (F),
(G)(3)(intro. para.), and (J), 1088.2(A)(1) and (3), 1088.3(A)(1) and (3), (C)(2)(b), and (D)(2),
1089(A), 1090(B)(1), 1092(B)(1)(e), (G), and (K), and 1099(F); Adds R.S. 6:1083(11.1) and
1088(G)(3)(d))