2018 Regular Session ENROLLED
SENATE BILL NO. 171
BY SENATOR THOMPSON
1 AN ACT
2 To amend and reenact R.S. 9:3561(D), relative to consumer loans; to provide for the
3 acquisition or control of a consumer loan license; to provide for certain procedures,
4 terms, and conditions; and to provide for related matters.
5 Be it enacted by the Legislature of Louisiana:
6 Section 1. R.S. 9:3561(D) is hereby amended and reenacted to read as follows:
7 ยง3561. Single place of business; additional licenses
8 * * *
9 D.(1) No person shall acquire or control a consumer loan license through the
10 acquisition or control of more than fifty percent twenty-five percent or more of the
11 ownership interest in a licensee without first having obtained written approval from
12 the commissioner, pursuant to an application for a change of control in ownership
13 of the licensee filed in the manner and on a form prescribed by the commissioner and
14 accompanied by a fee of three hundred dollars. Any person who acquires controlling
15 interest in a licensee without first having filed an application for change of control
16 with the commissioner shall be deemed to be operating without proper authority
17 under this Chapter and is subject to the penalties of R.S. 9:3554.1.
18 (2) For the purposes of this Section, a person acquires or controls the licensee
19 when the person directly or acting through one or more other persons owns a
20 majority twenty-five percent or more interest in the licensee, or exercises a
21 controlling influence over the management or the policies of the licensee as
22 determined by the commissioner after notice and an opportunity for an informal
23 meeting, not subject to the Administrative Procedure Act, regardless of whether the
24 acquisition or control occurs incrementally over a period of time or as one
25 transaction.
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Coding: Words which are struck through are deletions from existing law;
words in boldface type and underscored are additions. SB NO. 171 ENROLLED
1 (3) Any person who acquires or anticipates acquiring a seventy-five percent
2 interest in a licensee shall file for a new license prior to acquiring ownership of said
3 interest either incrementally over a period of time or as one transaction.
4 * * *
5 Section 2. This Act shall become effective upon signature by the governor or, if not
6 signed by the governor, upon expiration of the time for bills to become law without signature
7 by the governor, as provided by Article III, Section 18 of the Constitution of Louisiana. If
8 vetoed by the governor and subsequently approved by the legislature, this Act shall become
9 effective on the day following such approval.
PRESIDENT OF THE SENATE
SPEAKER OF THE HOUSE OF REPRESENTATIVES
GOVERNOR OF THE STATE OF LOUISIANA
APPROVED:
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Coding: Words which are struck through are deletions from existing law;
words in boldface type and underscored are additions.