HLS 16RS-971 REENGROSSED
2016 Regular Session
HOUSE BILL NO. 346
BY REPRESENTATIVE CARMODY
BANKS/BANKING: Provides for exceptions to consumer loan licensing requirements
1 AN ACT
2To amend and reenact R.S. 9:3560(A)(introductory paragraph) and (1)(a) and (b), relative
3 to consumer loan licensing requirements; to provide for exemptions; and to provide
4 for related matters.
5Be it enacted by the Legislature of Louisiana:
6 Section 1. R.S. 9:3560(A)(introductory paragraph) and (1)(a) and (b) are hereby
7amended and reenacted to read as follows:
8 ยง3560. Licenses not required
9 A. Notwithstanding R.S. 9:3557, the following persons shall be are exempt
10 from the consumer loan licensing requirements under this Part:
11 (1)(a) A bank, savings bank, savings and loan association, or similar
12 financial institution organized, certified, and supervised, or chartered, by an agency
13 of either the United States of America, or the state of Louisiana, any other state or
14 territory of the United States of America, or the District of Columbia pursuant to the
15 banking, currency, and related laws of the United States of America, or the state of
16 Louisiana, any other state or territory of the United States of America, or the District
17 of Columbia.
18 (b) A subsidiary of any state-chartered or federally chartered entity described
19 in Subparagraph (a) of this Paragraph in which eighty percent or more of the
20 ownership rests with such parent entity.
21 * * *
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CODING: Words in struck through type are deletions from existing law; words underscored
are additions. HLS 16RS-971 REENGROSSED
HB NO. 346
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)]
HB 346 Reengrossed 2016 Regular Session Carmody
Abstract: Exempts certain savings banks and certain subsidiaries of federally chartered
financial institutions from consumer loan licensing requirements.
Present law enumerates a list of persons exempt from consumer loan licensing requirements.
Present law includes banks, savings and loan associations, or similar financial institutions
organized in the enumerated list of exempted persons when those persons are organized,
certified, and supervised by an agency of either the U.S. of America or the state of La.
pursuant to the banking, currency, and related laws of the U.S. of America or the state of La.
Proposed law amends the enumerated list of persons exempt from consumer loan licensing
requirements by adding savings banks that are organized, certified, and supervised, or
chartered, by an agency of either the U.S. of America, or the state of La., any other state or
territory of the U.S. of America, or the District of Columbia pursuant to the banking,
currency, and related laws of the U.S. of America, or the state of La., any other state or
territory of the U.S. of America, or the District of Columbia.
Present law includes in the enumerated list of exempted persons any subsidiaries of any
state-chartered entity described in present law in which 80% or more of the ownership rests
with such parent entity.
Proposed law adds any subsidiaries of any federally chartered entity described in present law
in which 80% or more of the ownership rests with such parent entity.
(Amends R.S. 9:3560(A)(intro. para.), (1)(a), and (b))
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CODING: Words in struck through type are deletions from existing law; words underscored
are additions.