RÉSUMÉ DIGEST
ACT 235 (SB 171) 2018 Regular Session Thompson
Prior law provided relative to the licensing of persons who make consumer loans.
Prior law provided 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.
Prior law provided 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.
New 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.
New 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 (May 15, 2018).
(Amends R.S. 9:3561(D))