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:
(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.