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))