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Coding: Words which are struck through are deletions from existing law;
words in boldface type and underscored are additions.
Regular Session, 2014 ENROLLED
SENATE BILL NO. 241
BY SENATOR THOMPSON
AN ACT1
To amend and reenact R.S. 9:3554(A), and to enact R.S. 9:3554(N), relative to the Louisiana2
Consumer Credit Law; to provide for powers of the commissioner of the Office of3
Financial Institutions; to provide for the collection of certain information and data;4
to provide for the reporting of certain information and data; to provide for penalties,5
remedies, and enforcement measures; and to provide for related matters.6
Be it enacted by the Legislature of Louisiana:7
Section 1. R.S. 9:3554(A) is hereby amended and reenacted and R.S. 9:3554(N) is8
hereby enacted to read as follows:9
ยง3554. Powers of commissioner10
A. In addition to other powers granted by this Chapter, the commissioner11
within the limitations provided by law may:12
(1) Receive and act on complaints, take action designed to obtain voluntary13
compliance with this Chapter, including entering into voluntary consent or14
compliance agreements with persons conducting activities regulated by this Chapter15
without the necessity of a hearing or order, or commence proceedings on his own16
initiative;.17
(2) counsel Counsel persons and groups on their rights and duties under this18
chapter Chapter;.19
(3) establish Establish programs for the education of consumers with respect20
to credit practices and problems;.21
(4) make Make studies appropriate to effectuate the purposes and policies22
of the chapter this Chapter and make the results available to the public; and.23 SB NO. 241 ENROLLED
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words in boldface type and underscored are additions.
(5) adopt Adopt, amend, and repeal substantive rules when specifically1
authorized by this chapter Chapter, and adopt, amend, and repeal procedural rules2
to carry out the provisions of this chapter Chapter.3
(6) Collect and compile information and data from all licensees4
concerning the operation, function, and extent of all consumer loan activities.5
The information and data collected by the commissioner from the licensee shall6
include, for the preceding year, the following:7
(a) The total number and dollar amount of consumer loans originated8
including installment, insurance premium finance, deferred presentment, and9
any other type of loan as may be applicable.10
(b) The total number and dollar amount of consumer loans outstanding11
including installment, insurance premium finance, deferred presentment, and12
any other types of loans as may be applicable.13
(c) The aggregate amount of fees earned including interest, service14
charges, late fees, origination fees, documentation fees, and insufficient funds15
fees.16
(d) The total number of consumer loans in default or collection status17
and the balance of those loans as of the reporting date.18
(e) The total number of consumer loans reduced to judgment and the19
principal amount of those judgments.20
* * *21
N. The information and data collected by the commissioner pursuant to22
this Section shall be reported by the licensee, by March first of each year,23
through the Nationwide Mortgage Licensing System and Registry or in a format24
deemed acceptable by the commissioner as required by the licensing system or25
in a format prescribed by the commissioner. Upon request from the26
commissioner, all licensees shall submit any requested documentation to27
validate the information contained in the report in a format prescribed by the28
commissioner. Any licensee failing to adhere to the reporting requirements by29
filing untimely, inaccurate, or fraudulent reports may be subject to the30 SB NO. 241 ENROLLED
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words in boldface type and underscored are additions.
assessment of penalties, remedies, or enforcement measures provided in this1
Part.2
PRESIDENT OF THE SENATE
SPEAKER OF THE HOUSE OF REPRESENTATIVES
GOVERNOR OF THE STATE OF LOUISIANA
APPROVED: