RÉSUMÉ DIGEST
ACT 48 (HB 346) 2016 Regular Session Carmody
Existing law enumerates a list of persons exempt from consumer loan licensing
requirements.
Existing 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.
New law adds to the enumerated list of persons exempt from consumer loan licensing
requirements 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.
Existing law includes in the enumerated list of exempted persons any subsidiaries of any
state-chartered entity described in existing law in which 80% or more of the ownership rests
with such parent entity.
New law adds any subsidiaries of any federally chartered entity described in existing law in
which 80% or more of the ownership rests with such parent entity.
Effective August 1, 2016.
(Amends R.S. 9:3560(A)(intro. para.), (1)(a), and (b))