SLS 14RS-642 ORIGINAL
Page 1 of 3
Coding: Words which are struck through are deletions from existing law;
words in boldface type and underscored are additions.
Regular Session, 2014
SENATE BILL NO. 241
BY SENATOR THOMPSON
CREDIT. Provides relative to the Louisiana Consumer Credit Law. (8/1/14)
AN ACT1
To enact R.S. 9:3554(A)(6) and (N), relative to the Louisiana Consumer Credit Law; to2
provide for powers of the commissioner of the Office of Financial Institutions; to3
provide for the collection of certain information and data; to provide for the reporting4
of certain information and data; and to provide for related matters.5
Be it enacted by the Legislature of Louisiana:6
Section 1. R.S. 9:3554(A)(6) and (N) are hereby enacted to read as follows:7
ยง3554. Powers of commissioner8
A. In addition to other powers granted by this Chapter, the commissioner9
within the limitations provided by law may:10
* * *11
(6) Collect and compile information and data from all licensees12
concerning the operation, function, and extent of all consumer loan activities.13
The information and data collected by the commissioner from the licensee shall14
include, for the preceding year, the following:15
(a) The total number and dollar amount of consumer loans originated16
including installment, insurance premium finance, deferred presentment, and17 SB NO. 241
SLS 14RS-642 ORIGINAL
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Coding: Words which are struck through are deletions from existing law;
words in boldface type and underscored are additions.
any other type of loan as may be applicable.1
(b) The total number and dollar amount of consumer loans outstanding2
including installment, insurance premium finance, deferred presentment, and3
any other types of loans as may be applicable.4
(c) The aggregate amount of fees earned including interest, service5
charges, late fees, origination fees, documentation fees, and insufficient funds6
fees.7
(d) The total number of consumer loans in default or collection status8
and the balance of those loans as of the reporting date.9
(e) The total number of consumer loans reduced to judgment and the10
principal amount of those judgments.11
* * *12
N. The information and data collected by the commissioner pursuant to13
this Section shall be reported by the licensee through the Nationwide Mortgage14
Licensing System and Registry or in a format deemed acceptable by the15
commissioner as required by the licensing system or in a format prescribed by16
the commissioner. Upon request from the commissioner, all licensees shall17
submit any requested documentation to validate the information contained in18
the report in a format prescribed by the commissioner. Any licensee failing to19
adhere to the reporting requirements by filing untimely, inaccurate, or20
fraudulent reports may be subject to the assessment of penalties as provided in21
this Part.22
The original instrument and the following digest, which constitutes no part
of the legislative instrument, were prepared by Michelle Ducharme.
DIGEST
Thompson (SB 241)
Present law provides for the powers of the commissioner of the Office of Financial
Institutions.
Proposed law provides that the commissioner within the limitations provided by law may
collect and compile information and data from all licensees concerning the operation,
function, and extent of all consumer loan activities. The information and data collected by
the commissioner from the licensee shall include, for the preceding year, the following: SB NO. 241
SLS 14RS-642 ORIGINAL
Page 3 of 3
Coding: Words which are struck through are deletions from existing law;
words in boldface type and underscored are additions.
(1)The total number and dollar amount of consumer loans originated including
installment, insurance premium finance, deferred presentment, and any other loan
type as may be applicable.
(2)The total number and dollar amount of consumer loans outstanding including
installment, insurance premium finance, deferred presentment, and other types of
loans as may be applicable.
(3)The aggregate amount of fees earned including interest, service charges, late fees,
origination fees, documentation fees and insufficient funds fees.
(4)The total number of consumer loans in default or collection status and the balance
of those loans as of the reporting date.
(5)The total number of consumer loans reduced to judgment and the principal amount
of those judgments.
Proposed law provides that the information and data required to be collected by the
commissioner shall be reported by the licensee through the Nationwide Mortgage Licensing
System and Registry or in a format deemed acceptable by the commissioner as required by
the licensing system or in a format prescribed by the commissioner. Upon request from the
commissioner, all licensees shall submit any requested documentation to validate the
information contained in the report in a format deemed acceptable by the commissioner.
Any licensee failing to adhere to the reporting requirements by filing untimely, inaccurate,
or fraudulent reports may be subject to the assessment of penalties as provided by law.
Effective August 1, 2014.
(Adds R.S. 9:3554(A)(6) and (N))