Thompson (SB 241) Act No. 293
Prior law, relative to the Louisiana Consumer Credit Law, provided for the powers of the
commissioner of the Office of Financial Institutions.
New 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.
New 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))