The original instrument and the following digest, which constitutes no part of the
legislative instrument, were prepared by Michelle Ridge.
DIGEST
SB 171 Original 2018 Regular Session Thompson
Present law provides relative to the licensing of persons who make consumer loans.
Present law provides that no person shall acquire or control a consumer loan license through the
acquisition or control of more than 50% or more of the ownership interest in a licensee without first
having obtained written approval from the commissioner, pursuant to an application for a change of
control in ownership of the licensee filed in the manner and on a form prescribed by the
commissioner and accompanied by a fee of $300.
Present law provides that a person acquires or controls the licensee when the person directly or
acting through one or more other persons owns a majority interest in the licensee, or exercises a
controlling influence over the management or the policies of the licensee as determined by the
commissioner after notice and an opportunity for an informal meeting, not subject to the
Administrative Procedure Act, regardless of whether the acquisition or control occurs incrementally
over a period of time or as one transaction.
Proposed law changes the ownership interest amount that requires approval from the commissioner
to acquire or control a consumer loan license from 50% or more to 25% or more.
Proposed law removes from law the requirement that any person who acquires or anticipates
acquiring a 75% interest in a licensee file for a new license prior to acquiring ownership of said
interest either incrementally over a period of time or as one transaction.
Effective upon signature of the governor or lapse of time for gubernatorial action.
(Amends R.S. 9:3561(D))