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2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:1372. Definitions

RS 6:1372 - Definitions
As used in this Chapter, the following terms and phrases have the meanings hereinafter ascribed to them:
(1) "Adult protection agency" has the same meaning as defined in R.S. 15:1503.
(2) "Covered agency" means any of the following:
(a) Any federal, state, or local law enforcement agency.
(b) An adult protection agency.
(3) "Covered financial institution" means any bank, credit union, savings bank, savings and loan association, or trust company operating in Louisiana.
(4) "Eligible adult" means any of the following:
(a) Any person sixty years of age or older.
(b) Any person subject to the Adult Protective Services Act as provided in R.S. 15:1501 et seq.
(5) "Financial exploitation" means any of the following:
(a) The wrongful or unauthorized taking, withholding, appropriation, or use of money, assets, beneficial ownership interest, or property of an eligible adult.
(b) Any act or omission committed by a person in a representative capacity through trust, power of attorney, act of procuration, contract of mandate, or letters of curatorship of an eligible adult, or by any other means, for any of the following purposes:
(i) Obtaining control over, or depriving an eligible adult of ownership, use, benefit, or possession of his money, assets, or property by deception, intimidation, or undue influence.
(ii) Converting money, assets, or property of an eligible adult.
(6) "Financial transaction" means any of the following as applicable to services provided by a covered financial institution:
(a) A transfer or request to transfer or disburse funds or assets in an account.
(b) A request to initiate a wire transfer, initiate an automated clearing house (ACH) transfer, or issue a money order, cashier's check, or official check.
(c) A request to negotiate a check or other negotiable instrument.
(d) A request to change the ownership of, or access to, an account.
(e) A request to sell or transfer securities or other assets, or a request to affix a Medallion Stamp or provide any form of guarantee or endorsement in connection with an attempt to sell or transfer securities or other assets, if the person selling or transferring the securities or assets is not required to register pursuant to Louisiana Securities Law as provided in R.S. 51:701 et seq.
(f) A request for a loan, extension of credit, or draw on a line of credit.
(g) A request to encumber any movable or immovable property.
(h) A request to designate or change the designation of beneficiaries to receive any property, benefit, or contract right on the eligible adult's death.
Acts 2018, No. 434, §1, eff. October 1, 2018.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:1373. Notices

RS 6:1373 - Notices
A. A covered financial institution may notify any covered agency if the covered financial institution believes that the financial exploitation of an eligible adult is occurring, has or may have occurred, or is being attempted, or has been, or may have been attempted.
B. A covered financial institution may notify any third party reasonably associated with the eligible adult if the covered financial institution believes that the financial exploitation of an eligible adult is occurring, has or may have occurred, or is being attempted, or has been, or may have been attempted. A third party reasonably associated with the eligible adult includes but is not limited to all of the following:
(1) A parent, spouse, adult child, sibling, or other known family member or close associate of an eligible adult.
(2) An authorized contact provided by the eligible adult to the covered financial institution.
(3) A co-owner, additional authorized signatory, or beneficiary on the eligible adult's account.
C. A covered financial institution may choose not to notify any third party reasonably associated with the eligible adult of suspected financial exploitation of the eligible adult, if the covered financial institution believes such third party is, may be, or may have been engaged in financial exploitation of the eligible adult.
D. A covered financial institution shall make a reasonable effort, at least annually, to notify all employees of the covered financial institution of their ability to report potential financial exploitation of an eligible adult to personnel within the covered financial institution.
Acts 2018, No. 434, §1, eff. October 1, 2018.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:1375. Applicability of other laws

RS 6:1375 - Applicability of other laws
Notwithstanding the provisions of R.S. 6:333 or any other law to the contrary, a covered financial institution may act in accordance with the provisions of this Chapter.
Acts 2018, No. 434, §1, eff. October 1, 2018.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:1376. Immunity

RS 6:1376 - Immunity
A.(1) A covered financial institution and its directors, officers, employees, attorneys, accountants, agents, and other representatives shall have no duty to act pursuant to this Chapter or otherwise to protect an eligible adult from financial exploitation by a third person.
(2) A covered financial institution and its directors, officers, employees, attorneys, accountants, agents, and other representatives shall be immune from all criminal, civil, and administrative liability for not taking action pursuant to this Chapter.
(3) A covered financial institution and its directors, officers, employees, attorneys, accountants, agents, or other representatives who choose to act pursuant to the authority granted in this Chapter shall be immune from all criminal, civil, and administrative liability for any act taken pursuant to this Chapter, unless such act of the financial institution or its representatives was grossly negligent and caused pecuniary loss to the eligible adult who was suspected of being a victim of financial exploitation.
B. No claim shall be brought against any covered agency or the state of Louisiana in connection with the receipt of or response to any notice of financial exploitation.
C. The immunity provided for in this Section shall not extend to any individual in a case when such individual is a principal, conspirator, or an accessory after the fact to a criminal offense involving the financial exploitation of an eligible adult.
Acts 2018, No. 434, §1, eff. October 1, 2018.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:1384. Licensure; general

RS 6:1384 - Licensure; general
A person shall not engage in virtual currency business activity, or hold himself out as being able to engage in virtual currency business activity, with or on behalf of a resident unless the person is one of the following:
(1) Licensed in this state by the office pursuant to R.S. 6:1385.
(2) Exempt from licensure pursuant to R.S. 6:1383.
Acts 2020, No. 341, §1; Acts 2023, No. 331, §1, eff. June 13, 2023.
NOTE: The provisions of Acts 2023, No. 331, will terminate on July 1, 2025.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:1385.1. Approval of advanced change of control notice

RS 6:1385.1 - Approval of advanced change of control notice
A. Whenever a change of control of a licensee or an applicant is contemplated by any person, or persons acting in concert, the following information shall be provided to the commissioner through the NMLS:
(1) The licensee or applicant shall do all of the following:
(a) File an advanced change of control notice within thirty days after learning of the change of control and at least forty-five days prior to the date that the proposed transaction is to be consummated.
(b) Provide such information as required pursuant to R.S. 6:1385(A).
(2) After review of an advanced change of control notice filed pursuant to Paragraph (1) of this Subsection, the commissioner may require the licensee or applicant to provide additional information concerning the proposed person, or persons acting in concert, to cause a change of control. The additional information shall be limited to the same information required from the licensee or applicant as part of its original application filed pursuant to R.S. 6:1385(A).
B. The commissioner shall approve an advanced change of control notice filed in accordance with Subsection A of this Section if, after investigation, he determines that the person, or persons acting in concert, to cause a change of control shall not adversely affect the ability of the licensee or applicant to conduct its virtual currency business activity honestly, carefully, and efficiently and in accordance with the requirements of this Chapter and any other applicable state and federal laws and regulations.
C. If the commissioner determines that the proposed person, or persons acting in concert, to cause a change of control fails to meet the qualifications, standards, and requirements pursuant to this Chapter, the commissioner shall inform the licensee, applicant, proposed person, or persons acting in concert to cause the change of control in writing that the advanced change of control request is denied and state the reasons for such denial. The licensee, applicant, proposed person, or persons acting in concert to cause the change of control may appeal the denial in accordance with R.S. 6:1387(C).
D. The provisions of Paragraph (A)(1) of this Section shall not apply to a public offering of securities under the laws of the United States.
E. Before filing an advanced change of control notice, any person, or persons acting in concert, may request in writing a determination from the commissioner as to whether the person, or persons acting in concert, would be considered to be in control of a licensee or applicant upon consummation of a proposed transaction. If the commissioner determines that the person, or persons acting in concert, would not be in control of the licensee or applicant, the commissioner shall respond in writing that the proposed transaction is not subject to the requirements of Subsection A of this Section.
Acts 2023, No. 331, §1, eff. June 13, 2023.
NOTE: The provisions of Acts 2023, No. 331, will terminate on July 1, 2025.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:1386.1. Meeting tangible net worth requirements

RS 6:1386.1 - Meeting tangible net worth requirements
A. In satisfying the licensure and renewal requirements provided in this Chapter, tangible net worth shall be clearly evidenced by filing or submitting a current audited financial statement to the commissioner through the NMLS that is prepared in accordance with the general acceptable accounting principles (GAAP) standards or consistent with the Public Company Accounting Oversight Board (PCAOB) standards.
B. All licensing requirements, including renewals, relative to tangible net worth shall be evidenced at the time of initial application for licensure and renewal, maintained at all times during licensure and renewal, and reported annually to the commissioner in compliance with Subsection A of this Section and in accordance with R.S. 6:1388.
Acts 2023, No. 331, §1, eff. June 13, 2023.
NOTE: The provisions of Acts 2023, No. 331, will terminate on July 1, 2025.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:1386.2. Protection of resident assets

RS 6:1386.2 - Protection of resident assets
A. To the extent a licensee stores, holds, or maintains custody or control of virtual currency on behalf of a resident, the licensee shall hold virtual currency of the same type and amount as that which is owed or obligated to the resident.
B. A licensee is prohibited from selling, transferring, assigning, lending, hypothecating, pledging, or otherwise using or encumbering assets, including virtual currency, stored, held, or maintained by or under the custody or control of such licensee on behalf of a resident, except for the sale, transfer, or assignment of such assets at the direction of the resident.
C. A licensee is prohibited from commingling assets belonging to a resident with assets belonging to a licensee, using the resident's assets to secure or guarantee a transaction other than a transaction involving, or on behalf of, the resident's contributing assets, maintaining the resident's assets in such a manner that the resident may be unable to fully withdraw his assets, and investing in such a manner that would not allow for sufficient assets, including virtual currency, to fulfill all outstanding obligations to the resident.
D. In order to ensure compliance with the requirements of Subsection C of this Section, a licensee may include the amount of his assets in the same account with a resident's assets solely for the purpose of facilitating, selling, transferring, assigning, lending, hypothecating, pledging, or using or encumbering assets, including virtual currency, stored, held, maintained by, or under the custody or control of such licensee on behalf of a resident, and operational needs related to such virtual currency business activities, provided that the assets of the licensee shall be deemed resident assets, and the licensee may only withdraw or assert a claim on that amount to the extent that amount exceeds that amount of resident assets held by or for a resident.
Acts 2023, No. 331, §1, eff. June 13, 2023.
NOTE: The provisions of Acts 2023, No. 331, will terminate on July 1, 2025.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:1387. Issuance of license; appeal

RS 6:1387 - Issuance of license; appeal
A. No license shall be issued unless the commissioner has made a determination that the applicant has met the licensing requirements pursuant to this Chapter, including all requirements of R.S. 6:1385 and 1386.
B. An applicant may appeal a denial of its application pursuant to R.S. 6:1385, in accordance with the Administrative Procedure Act, not later than thirty days after the office notifies the applicant of the denial or the application is deemed denied.
C. In the case of a denial of an advanced change of control notice, or denial of an advanced change of responsible individual notice, pursuant to either R.S. 6:1385.1 or 1385.2, in accordance with the Administrative Procedure Act, the applicant or licensee may appeal the denial not later than thirty days after the office notifies the applicant or licensee of the denial of the advanced change of control notice, or the denial of an advanced change of responsible individual notice, or in either case, the change is deemed denied.
Acts 2020, No. 341, §1; Acts 2023, No. 331, §1, eff. June 13, 2023.
NOTE: The provisions of Acts 2023, No. 331, will terminate on July 1, 2025.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:1388.1. Quarterly financial reports

RS 6:1388.1 - Quarterly financial reports
A. A licensee shall submit through the NMLS quarterly financial reports, including transactional information, within forty-five days following the close of each calendar quarter, in the form and containing such information as the commissioner shall prescribe, including both of the following:
(1) A statement of the financial condition of the licensee, including a balance sheet and income sheet, along with transactional information, all in United States currency, relating to virtual currency balances held on behalf of residents, virtual currency balances not held on behalf of residents, and other investments.
(2) A certification of the financial reports by an officer or member of the board of directors, or an equivalent governing body of the licensee, attesting to the truth and correctness of such reports.
B. In addition, each licensee shall submit special reports to the commissioner at such times and in such form as the commissioner may require.
Acts 2023, No. 331, §1, eff. June 13, 2023.
NOTE: The provisions of Acts 2023, No. 331, will terminate on July 1, 2025.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:1389. Repealed by Acts 2023, No. 331, §2, eff. June 13, 2023.

RS 6:1389 - Repealed by Acts 2023, No. 331, §2, eff. June 13, 2023.
NOTE: The provisions of Acts 2023, No. 331, will terminate on July 1, 2025.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:1390. Transferability

RS 6:1390 - Transferability
A license issued pursuant to the provisions of this Chapter shall not be transferable or assignable.
Acts 2020, No. 341, §1; Acts 2023, No. 331, §1, eff. June 13, 2023.
NOTE: The provisions of Acts 2023, No. 331, will terminate on July 1, 2025.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:1391.1. Books, records, and accounts

RS 6:1391.1 - Books, records, and accounts
A. Any licensee engaging in virtual currency business activities in this state shall maintain and preserve the books, records, and accounts of its virtual currency business activities, pursuant to R.S. 6:1391, for a period of five years or longer, if required by the commissioner to resolve any examination, investigation, or complaint.
B. The books, records, and accounts to be maintained by each licensee shall include all of the following:
(1) For each transaction:
(a) The amount, date, and precise time of the transaction.
(b) Any payment instructions for the transaction.
(c) The total amount of fees and charges received and paid to, by, or on behalf of the licensee.
(d) The names, account numbers, and physical address of the parties to the transactions, including any customers and account holders of the licensee who are residents.
(2) A general ledger containing all assets, liabilities, ownership equity, income, and expense accounts.
(3) Bank statements and bank reconciliation records.
(4) Any statement and valuation provided to customers and account holders.
(5) Records or minutes of meetings of the board of directors, or an equivalent governing body.
(6) Records demonstrating compliance with applicable state and federal anti-money laundering laws, rules, and regulations, including customer and account holder identification and verification documents, records linking customers and account holders to their respective accounts and balances, and a record of any compliance breaches.
(7) Communications and documentation related to investigations of customer and account holder complaints and transaction error resolutions.
(8) Any other books, records, and accounts as the commissioner may require.
Acts 2023, No. 331, §1, eff. June 13, 2023.
NOTE: The provisions of Acts 2023, No. 331, will terminate on July 1, 2025.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:1391.2. Compliance policies and procedures

RS 6:1391.2 - Compliance policies and procedures
A. Any licensee engaging in virtual currency business activity in this state shall adopt and implement appropriate compliance policies and procedures, as part of the required books, records, and accounts, as determined by the commissioner by rule or pursuant to this Chapter.
B. The policies and procedures shall be in writing and reviewed and approved by the licensee's board of directors or an equivalent governing body and include, at a minimum, policies and procedures covering anti-fraud, anti-money laundering, cybersecurity, privacy, and information security, and such other policies and procedures as may be required by the commissioner by rule or pursuant to this Chapter.
C. A licensee shall designate a qualified individual or individuals who is responsible for coordinating and monitoring compliance with this Section and all other applicable state and federal laws, rules, and regulations.
Acts 2023, No. 331, §1, eff. June 13, 2023.
NOTE: The provisions of Acts 2023, No. 331, will terminate on July 1, 2025.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:1392. Enforcement power of the commissioner

RS 6:1392 - Enforcement power of the commissioner
A. For purposes of this Chapter, "enforcement action" means an action or actions by the commissioner to enforce the requirements of this Chapter, including any of the following:
(1) Suspend or revoke a license pursuant to the provisions of this Chapter.
(2) Order a person to cease and desist from doing virtual currency business activity with, or on behalf of, a resident.
(3) Request the court to appoint a receiver for the assets of a person doing virtual currency business activity with, or on behalf of, a resident.
(4) Request the court to issue temporary, preliminary, or permanent injunctive relief against a person doing virtual currency business activity with, or on behalf of, a resident.
(5) Assess civil money penalties.
(6) Recover on the surety bond provided pursuant to R.S. 6:1386 and initiate a plan to distribute the proceeds for the benefit of a resident injured by a violation of any provision of this Chapter.
(7) Impose necessary or appropriate conditions on the conduct of virtual currency business activity with, or on behalf of, a resident.
B. Any enforcement action pursuant to this Section may be supplemented by the exercise of any other enforcement power by the commissioner as may be authorized by this Title or any other Title of the Louisiana Revised Statutes of 1950.
Acts 2020, No. 341, §1; Acts 2023, No. 331, §1, eff. June 13, 2023.
NOTE: The provisions of Acts 2023, No. 331, will terminate on July 1, 2025.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:1394. Implementation; reporting requirements

RS 6:1394 - Implementation; reporting requirements
A. The commissioner shall adopt rules, in accordance with the Administrative Procedure Act, to implement and enforce the provisions of this Chapter and may issue guidance as appropriate.
B. In addition to any other powers the commissioner may be authorized to exercise pursuant to this Title, the commissioner may adopt and implement emergency rules as the commissioner considers necessary and appropriate to prevent or terminate any condition the commissioner reasonably considers to create an emergency relative to a particular licensee or to licenses in general, including but not limited to suspending the issuance or renewal of licenses or suspending some or all virtual currency business activities in this state.
C. In order to carry out the purposes of this Chapter, the commissioner may do all of the following:
(1) Enter into agreements or relationships with other government officials, federal and state regulatory agencies, and regulatory associations in order to improve efficiencies and reduce regulatory burden by standardizing methods or procedures and sharing records or related information obtained in accordance with this Chapter.
(2) Use, hire, contract, or employ analytical systems, methods, or software in examinations or investigations pursuant to this Chapter.
(3) Consider, accept, and rely upon licensing, examination, or investigative reports prepared by other government agencies or officials within or outside the state.
(4) Consider, accept, and rely upon audit reports prepared by an independent certified public accountant or other qualified third-party auditor for any person subject to the provisions of this Chapter and incorporate all or part of such audit reports in the office's report of examination or investigation.
D.(1) The commissioner shall report all of the following biannually to the House Committee on Commerce and the Senate Committee on Commerce, Consumer Protection and International Affairs:
(a) The number of applications for each type of license.
(b) The number of applicants who currently have a money transmission license.
(c) The number of licenses granted.
(d) The number of applicants who have been denied.
(e) A list of fees that were assessed during application.
(2) The biannual report shall be submitted on the first day of September and March of each calendar year.
Acts 2020, No. 341, §1; Acts 2023, No. 331, §1, eff. June 13, 2023.
NOTE: The provisions of Acts 2023, No. 331, will terminate on July 1, 2025.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:1401. Definitions

RS 6:1401 - Definitions
As used in this Chapter, the following words have the following meanings:
(1) "Custody services" means the safekeeping or custody of virtual currency or other assets by a financial institution or trust company.
(2) "Financial institution" means a federally insured depository institution chartered pursuant to the laws of this state, another state, or the United States.
(3) "Self-assessment" means either of the following:
(a) A financial institution's or trust company's voluntary, self-initiated internal assessment, audit, or review of the financial institution or trust company and its practices, policies, and procedures.
(b) A financial institution's or trust company's voluntary, self-initiated assessment, audit, or review of the practices, policies, and procedures of a person acting under contract, directly or indirectly, as the financial institution's or trust company's service provider, including mortgage servicers and subservicers, credit and debit card processors, and providers of loan document systems.
(4) "Trust company" means a corporation or a limited liability trust company organized in accordance with this Title, the laws of another state, or pursuant to the laws of the United States, including a trust company organized pursuant to the laws of this state before June 27, 2003, or an entity chartered to act as a fiduciary that is neither a depository institution nor a foreign bank.
(5) "Virtual currency" has the same meaning as provided for in R.S. 6:1382.
Acts 2022, No. 509, §1.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:1402. Provision of virtual currency custody services

RS 6:1402 - Provision of virtual currency custody services
A. A financial institution or trust company may provide its customers with virtual currency custody services if the financial institution or trust company has adequate protocols in place to effectively manage risks and comply with applicable laws. A financial institution or trust company may provide virtual currency custody services through third-party service providers. Prior to a financial institution or trust company offering virtual currency custody services, the financial institution or trust company shall carefully examine the risks involved in offering such services through a methodical self-assessment process. If a financial institution or trust company decides to offer such services, the financial institution or trust company shall do all of the following:
(1) Implement effective risk management systems and controls to measure, monitor, and control relevant risks associated with custody of digital assets such as virtual currency.
(2) Confirm that it has adequate insurance coverage for such services.
(3) Maintain a service provider oversight program to address risks to service provider relationships as a result of engaging in virtual currency custody services.
B.(1) Consistent with authority provided through the entity's charter, a financial institution or trust company may provide virtual currency custody services in either a nonfiduciary or fiduciary capacity.
(2) In providing such services in a nonfiduciary capacity, the financial institution or trust company shall take possession of the customer's asset for safekeeping while legal title remains with the customer. The customer shall retain direct control over the keys associated with his virtual currency.
(3) In providing such services in a fiduciary capacity, a financial institution or trust company is required to possess trust powers as provided for in R.S. 6:241, 575, and 731. Acting in a fiduciary capacity, the financial institution or trust company shall require customers to transfer their virtual currencies to the control of the financial institution or trust company by creating new private keys to be held by the financial institution or trust company. In its fiduciary capacity, a financial institution or trust company shall have authority to manage virtual currency assets as it would any other type of asset held in such capacity.
Acts 2022, No. 509, §1.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:1411. Definitions

RS 6:1411 - Definitions
As used in this Chapter, the following terms have the following meanings:
(1) "Nonconforming payment" means a payment made by a student loan borrower that is more or less than the required payment for a student education loan account.
(2) "Service" or "servicing" means:
(a) Receiving any scheduled periodic payments from a student loan borrower or notification of such payments and applying payments to the student loan borrower's account pursuant to the terms of the student education loan or a governing contract.
(b) Maintaining account records for the loan and communicating with the student loan borrower regarding the loan, on behalf of the loan's holder, during a period when no payment is required on a student education loan.
(c) Interactions with a student loan borrower, including activities to help prevent default on obligations arising from student education loans, conducted to facilitate the activities described in Subparagraphs (a) and (b) of this Paragraph.
(3)(a) "Student education loan" means any of the following:
(i) A loan that is made, insured, or guaranteed under Title IV of the Higher Education Act of 1965, as amended.
(ii) A loan that is extended to an individual with the express expectation that the funds extended shall be used in whole or in part to pay expenses that are included as part of the cost of attendance of a student as defined in 20 U.S.C. 1087, regardless of whether the loan is provided through the educational institution that the student loan borrower attends or directly to the student loan borrower from the lender.
(iii) A loan that is extended in order to refinance or consolidate a consumer's existing student education loan.
(b) The term does not include any of the following, regardless of the purpose for the loan:
(i) A loan under an open-end credit plan as defined in 12 CFR 1026.2.
(ii) A loan secured by real property.
(4) "Student loan borrower" means a resident of this state who meets either of the following criteria:
(a) Has received or agreed to pay a student education loan.
(b) Shares repayment responsibility with a resident described in Subparagraph (a) of this Paragraph.
(5) "Student loan servicer" means a person or entity who is engaged in the business of servicing a student education loan owed by a student loan borrower.
Acts 2022, No. 710, §1.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:1412. Duties of student loan servicers

RS 6:1412 - Duties of student loan servicers
A. Except as required by a court order or federal law, a student loan servicer shall not do any of the following:
(1) Employ, directly or indirectly, any scheme, device, or artifice to mislead a student loan borrower.
(2) Engage in any unfair, abusive, or deceptive trade practice toward any person.
(3) Misrepresent information or omit any material information in connection with the servicing of a student education loan, including but not limited to the following:
(a) Any fee owed by a student loan borrower.
(b) Any payment due by a student loan borrower.
(c) The appropriateness or availability of a student loan borrower's repayment options.
(d) The terms and conditions of the student education loan.
(e) The student loan borrower's obligations pursuant to the student education loan.
(4) Obtain property by misrepresentation of fact or omission of material fact.
(5) Allocate a nonconforming payment in a manner other than as directed by the student loan borrower if, in writing or electronically, the student loan borrower does any of the following:
(a) Makes a one-time direction for the allocation of future payments.
(b) Directs an allocation of a payment at the time the payment is made.
(c) Directs an allocation in response to an inquiry by the student loan servicer.
(d) Changes an existing direction for the allocation of future payments.
(6) Misapply or refuse to correct a misapplication of a payment from a student loan borrower.
(7) Provide inaccurate information to a consumer reporting agency or refuse to correct inaccurate information provided to a consumer reporting agency.
(8) If a student loan servicer regularly reports information to a consumer reporting agency, fail to report the favorable history of a student loan borrower to a nationally recognized consumer reporting agency at least once a year.
(9) Refuse to communicate with an authorized representative of a student loan borrower who provides a written authorization signed by the student loan borrower, except as provided for in Subsection B of this Section.
(10) Negligently make a false statement or omit a material fact in connection with any informational report filed with, or any investigation conducted by, a state or local government agency.
B. A student loan servicer may adopt procedures to verify that an authorized representative of a student loan borrower is authorized to act on behalf of the student loan borrower.
Acts 2022, No. 710, §1.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:1413. Written inquiries and complaints

RS 6:1413 - Written inquiries and complaints
A. A student loan servicer shall acknowledge receipt of a written inquiry or complaint from a student loan borrower or the authorized representative of a student loan borrower within ten days after receiving the inquiry or complaint.
B. Unless a response to the written inquiry is included in the acknowledgment required pursuant to Subsection A of this Section, a student loan servicer shall provide information responding to a written inquiry or complaint received pursuant to Subsection A of this Section within thirty days after receiving the inquiry or complaint.
C. If a written inquiry or complaint received pursuant to Subsection A of this Section relates to a student loan borrower's account balance, the information provided pursuant to Subsection B of this Section is to include either of the following:
(1) A statement that the student loan servicer has corrected the account balance.
(2) An explanation of why the student loan servicer believes that the student loan borrower's account is correct.
D. If a student loan borrower requests a document concerning the account of the student loan borrower that is in the possession or control of a student loan servicer, the student loan servicer shall provide the document within thirty days after receiving the request.
E. If a student loan servicer receives a nonconforming payment, the student loan servicer shall do all of the following:
(1) Notify the student loan borrower that the payment is a nonconforming payment within ten days after receiving the payment.
(2) Ask the student loan borrower how he would like the student loan servicer to apply the nonconforming payment to the student loan borrower's account.
Acts 2022, No. 710, §1.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:1421. Definitions

RS 6:1421 - Definitions
For purposes of this Chapter, the following words have the following meanings:
(1) "Commissioner" means the commissioner of the Office of Financial Institutions.
(2) "Private education lender" means any person engaged in the business of securing, making, or extending a private education loan, or any holder of a private education loan. "Private education lender" shall not include any person who services a private education loan, to the extent such person does not also secure, make, extend, or own the loan. "Private education lender" shall not include any federally insured financial institution, its subsidiaries, and affiliates.
(3) "Private education loan" means an extension of credit or a debt or obligation owed or incurred by a consumer, contractual or otherwise, contingent or absolute, that meets all of the following criteria:
(a) Is not made, insured, or guaranteed under Title IV of the Higher Education Act of 1965, 20 U.S.C. 1070 et seq.
(b) Is extended to or owed or incurred by a consumer expressly, in whole or in part, for postsecondary education expenses, regardless of whether the extension of credit or debt or obligation owed or incurred is provided by the provider of postsecondary education that the student attends.
(c) Does not include any loan that is secured by immovable property or a dwelling.
(4) "Provider of postsecondary education" means a person engaged in the business of providing postsecondary education, via correspondence, online, or in this state, to a person located in this state.
Acts 2022, No. 715, §1.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:1422. Private education lender registry

RS 6:1422 - Private education lender registry
A. No person shall engage in business as a private education lender in this state without first satisfying the requirements set forth in Subsection B of this Section.
B. A private education lender operating in this state shall do all of the following:
(1) Register with the commissioner pursuant to any registration procedures set forth by the commissioner by rule, which may include the payment of a fee set by the commissioner by rule and registration through the Nationwide Multistate Licensing System and Registry. The commissioner may prescribe an alternative registration process and fee structure for a provider of postsecondary education. The registration requirements of this Paragraph shall not apply to a licensed lender pursuant to R.S. 9:3557 or any bank, savings bank, savings and loan association, or credit union operating pursuant to authority granted by the commissioner.
(2) Provide the commissioner with the following documents and information:
(a) A list of all schools at which the private education lender has provided a private education loan to a student residing in this state.
(b) The total number and dollar amount of private education loans made annually to students residing in this state.
(c) The total number and dollar amount of private education loans made annually at each school as identified in Subparagraph (a) of this Paragraph.
(d) The range of starting interest rates and percentage of applicants who receive those rates.
(e) The default rate for borrowers obtaining private education loans from the private education lender, if applicable, including the default rate for private education loans made to students for each school listed pursuant to Subparagraph (a) of this Paragraph.
(f) A copy of the promissory note, agreement, contract, or other instrument used by a private education lender during the previous year to substantiate that a private education loan has been extended to the consumer or that a consumer owes a debt to the private education lender.
(g) The total number and dollar amount of private education loans made with a cosigner annually.
(3) Provide to the commissioner the documents and information enumerated in Paragraph (2) of this Subsection pursuant to any procedures set forth by the commissioner, which may include reporting through the Nationwide Multistate Licensing System and Registry.
C. Not later than one year following enactment of this Chapter, the commissioner shall create a publicly accessible website that includes the following information about private education lenders registered in this state:
(1) The name, address, telephone number, and website for all registered private education lenders.
(2) A summary of the information required by Paragraph (B)(2) of this Section.
(3) Copies of all promissory notes, agreements, contracts, or other instruments provided to the commissioner as required by Subparagraph (B)(2)(f) of this Section.
Acts 2022, No. 715, §1.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:1423. Violations

RS 6:1423 - Violations
The commissioner may enforce the provisions of this Chapter using the commissioner's authority pursuant to R.S. 6:121.1. Each violation of this Chapter, including any order, rule, or regulation made or issued pursuant to this Chapter, shall constitute a separate offense.
Acts 2022, No. 715, §1.
2023 Louisiana Laws › Revised Statutes › Title 8 - Cemeteries › §8:62. Qualifications of members

RS 8:62 - Qualifications of members
Except for the two members at large to be appointed by the governor, the remaining members of the board shall be appointed only from persons who have had, immediately preceding their appointment, a minimum of five consecutive years experience in this state in the active administrative management of a cemetery authority and at the time of their appointment shall have the actual and full authority of a president, vice president, secretary, treasurer, owner, director, officer, or general manager of a cemetery corporation or of a general manager of any other form of cemetery authority, and they shall hold office only so long as they continue in such active, actual, and authoritative capacity. The five-year consecutive period shall be exclusive of time spent in the armed services.
Acts 1974, No. 417, §1; Acts 2001, No. 468, §1.
2023 Louisiana Laws › Revised Statutes › Title 8 - Cemeteries › §8:64. Officers; administrative director; employees

RS 8:64 - Officers; administrative director; employees
The board shall elect a chairperson, vice chairperson, and such other officers as it shall determine from among its members. Each officer shall serve until his successor is elected and takes office. The board may employ, fix the salaries, and, except as provided in this Section, prescribe the duties of an administrative director and such clerical, technical, and other employees as are necessary to carry out its duties. The administrative director and other employees of the board shall not be prescribed any discretionary duties or actions which are prescribed to the board pursuant to this Title.
Acts 1974, No. 417, §1. Amended by Acts 1980, No. 428, §1; Acts 2023, No. 381, §1.
2023 Louisiana Laws › Revised Statutes › Title 8 - Cemeteries › §8:66.2. Cease and desist orders

RS 8:66.2 - Cease and desist orders
A. If it appears to the board after conducting an investigation in accordance with R.S. 8:66.1 that a person has engaged in an act or practice constituting a violation of this Title, or the implementing of rules or orders issued in accordance with this Title, the board or the attorney general may issue a cease and desist order directed to the person that requires the person to cease and desist from engaging in such an act or practice. A person may request a hearing within thirty days of actual receipt of the cease and desist order, as evidenced by the date on the return service. If a hearing is not timely requested, the cease and desist order shall become final by operation of law. The order shall remain effective from the date of issuance until the date the order becomes final by operation of law or is overturned by the board following a request for hearing.
B. The board or attorney general shall not be required to post a bond.
Acts 2010, No. 965, §1; Acts 2023, No. 381, §1.
2023 Louisiana Laws › Revised Statutes › Title 8 - Cemeteries › §8:67. Rules and regulations

RS 8:67 - Rules and regulations
The board may establish necessary rules and regulations for the administration and enforcement of this Title and prescribe the form of statements and reports provided for in this Title, but such rules and regulations shall not be in conflict with or contrary to any of the provisions of this Title or of the Administrative Procedure Act, R.S. 49:950 et seq. or applicable law.
Acts 1974, No. 417, §1; Acts 2022, No. 574, §1; Acts 2023, No. 381, §1.
2023 Louisiana Laws › Revised Statutes › Title 8 - Cemeteries › §8:68. Hearings

RS 8:68 - Hearings
In conducting hearings or other proceedings as authorized hereunder, the board shall comply with and have all authority granted to it under the provisions of the Administrative Procedure Act, R.S. 49:950 et seq.
Acts 1974, No. 417, §1.
2023 Louisiana Laws › Revised Statutes › Title 8 - Cemeteries › §8:69. Actions to enforce law; attorney general; special counsel

RS 8:69 - Actions to enforce law; attorney general; special counsel
The attorney general shall represent the board in all matters pertaining to the administration or enforcement of this Title, or both, except in those matters in which the board has employed special counsel. The board shall fix the compensation of such special counsel.
Acts 1974, No. 417, §1. Amended by Acts 1980, No. 428, §1.
2023 Louisiana Laws › Revised Statutes › Title 8 - Cemeteries › §8:69.1. Service of pleadings upon board

RS 8:69.1 - Service of pleadings upon board
Upon commencement of any action wherein a person or cemetery authority is alleged to be operating or conducting a cemetery business is named defendant1 the plaintiff's attorney shall mail a copy of the petition to the board within ten days of filing the action.
Added by Acts 1980, No. 428, §1.
1The language of this section appears as in the enrolled bill.
2023 Louisiana Laws › Revised Statutes › Title 8 - Cemeteries › §8:70. Application for certificate of authority

RS 8:70 - Application for certificate of authority
The initial application for a certificate of authority, including without limitation an application for a new certificate required by R.S. 8:76, shall be made in writing by a cemetery authority to the board on a form prescribed by the board, accompanied by an application fee set by the board not to exceed one thousand dollars. Applications for renewal of a valid, subsisting, and unsuspended certificate of authority shall be made in similar fashion, accompanied by the regulatory charge provided for in this Title. All initial applications shall show that the cemetery authority owns or is actively operating a cemetery which is subject to the provisions of this Title.
Acts 1974, No. 417, §1; Acts 1992, No. 105, §1; Acts 2003, No. 704, §1; Acts 2015, No. 222, §1; Acts 2022, No. 574, §1.
2023 Louisiana Laws › Revised Statutes › Title 8 - Cemeteries › §8:71. Proof of applicant's compliance with law, rules, and regulations; financial responsibility and reputation

RS 8:71 - Proof of applicant's compliance with law, rules, and regulations; financial responsibility and reputation
The board, by a majority vote of its members, shall determine that the applicant and its officers, directors, owners, and managerial personnel are financially responsible, trustworthy, and have good personal and business reputations, in order that only cemeteries of permanent benefit to the community in which they are located will be established in this state. The board may require such proof as it deems advisable concerning the compliance by such applicant with all of the laws, rules, regulations, ordinances, and orders applicable to it. If the board refuses to grant an applicant a certificate of authority, it shall inform the applicant in writing by registered or certified mail of the reasons therefor, and the applicant shall be entitled to a hearing if requested by the applicant in writing within thirty days of receipt of the denial. The hearing shall be conducted in accordance with the provisions of the Administrative Procedure Act, R.S. 49:950 et seq.
Acts 1974, No. 417, §1; Acts 1980, No. 428, §1; Acts 2023, No. 381, §1.
2023 Louisiana Laws › Revised Statutes › Title 8 - Cemeteries › §8:72. Certificates; regulatory charges; suspension; restoration; late charge; requirement of certificate

RS 8:72 - Certificates; regulatory charges; suspension; restoration; late charge; requirement of certificate
A. The regulatory charges for a certificate of authority at all periods of the year are the same as provided in this Chapter. All regulatory charges shall be payable at the time of the filing of the application and prior to issuance of the certificate. All certificates issued by the board shall be valid unless suspended or revoked by a majority vote of the board. However, failure to pay the regulatory charge fixed by the board prior to the first day of February for any year shall effect the suspension of the certificate of authority, which may be restored upon payment of the prescribed charge, and an additional late charge of fifty percent of the amount of the prescribed regulatory charge or one hundred dollars, whichever is lesser.
B. No person shall engage in the operation of or conduct a cemetery business, including but not limited to the sale of cemetery merchandise, lots, or other interment spaces, without a valid subsisting and unsuspended certificate of authority.
Acts 1974, No. 417, §1; Acts 1980, No. 428, §1; Acts 1997, No. 921, §1; Acts 2023, No. 381, §1.