RDCSB241 3264 4120
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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)]
Thompson SB No. 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. RDCSB241 3264 4120
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Summary of Amendments Adopted by House
Committee Amendments Proposed by House Committee on Commerce to the engrossed
bill.
1. Made technical changes.