SLS 14RS-642 ENGROSSED
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; to provide for penalties, remedies, and enforcement5
measures; and to provide for related matters.6
Be it enacted by the Legislature of Louisiana:7
Section 1. R.S. 9:3554(A)(6) and (N) are hereby enacted to read as follows:8
ยง3554. Powers of commissioner9
A. In addition to other powers granted by this Chapter, the commissioner10
within the limitations provided by law may:11
* * *12
(6) Collect and compile information and data from all licensees13
concerning the operation, function, and extent of all consumer loan activities.14
The information and data collected by the commissioner from the licensee shall15
include, for the preceding year, the following:16
(a) The total number and dollar amount of consumer loans originated17 SB NO. 241
SLS 14RS-642 ENGROSSED
Page 2 of 3
Coding: Words which are struck through are deletions from existing law;
words in boldface type and underscored are additions.
including installment, insurance premium finance, deferred presentment, and1
any other type of loan as may be applicable.2
(b) The total number and dollar amount of consumer loans outstanding3
including installment, insurance premium finance, deferred presentment, and4
any other types of loans as may be applicable.5
(c) The aggregate amount of fees earned including interest, service6
charges, late fees, origination fees, documentation fees, and insufficient funds7
fees.8
(d) The total number of consumer loans in default or collection status9
and the balance of those loans as of the reporting date.10
(e) The total number of consumer loans reduced to judgment and the11
principal amount of those judgments.12
* * *13
N. The information and data collected by the commissioner pursuant to14
this Section shall be reported by the licensee, by March first of each year,15
through the Nationwide Mortgage Licensing System and Registry or in a format16
deemed acceptable by the commissioner as required by the licensing system or17
in a format prescribed by the commissioner. Upon request from the18
commissioner, all licensees shall submit any requested documentation to19
validate the information contained in the report in a format prescribed by the20
commissioner. Any licensee failing to adhere to the reporting requirements by21
filing untimely, inaccurate, or fraudulent reports may be subject to the22
assessment of penalties, remedies, or enforcement measures provided in this23
Part.24
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. SB NO. 241
SLS 14RS-642 ENGROSSED
Page 3 of 3
Coding: Words which are struck through are deletions from existing law;
words in boldface type and underscored are additions.
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:
(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, by March 1
st
of each year, 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, remedies, or enforcement measures as provided by law.
Effective August 1, 2014.
(Adds R.S. 9:3554(A)(6) and (N))
Summary of Amendments Adopted by Senate
Committee Amendments Proposed by Senate Committee on Commerce, Consumer
Protection, and International Affairs to the original bill
1. Provides that the licensee must submit, by March 1
st
of each year, certain
information to the commissioner.
2. Adds that a licensee failing to adhere to the reporting requirements may be
subject to remedies or enforcement measures provided by law.