reglab/statecodes huggingface dataset:
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:969.19. Right to prepay

RS 6:969.19 - Right to prepay
Notwithstanding any contrary provision of the consumer's contract, the consumer may prepay in full the unpaid balance at any time. An extender of credit may within its discretion accept the amount tendered by the consumer to be a prepayment in full of a simple interest transaction if the amount tendered is within one dollar, or to the extent provided by federal law, more or less, of the amount actually owed. Under such circumstances, the extender of credit may retain any excess amount tendered by the consumer provided that the amount tendered does not exceed the amount actually owed by more than one dollar, or to the extent provided by federal law.
Acts 1999, No. 794, §1, eff. July 2, 1999.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:969.21. Rebate after acceleration of maturity

RS 6:969.21 - Rebate after acceleration of maturity
A. If the maturity of a precomputed transaction is accelerated for any reason and suit is filed, the obligation shall be credited with the same rebate required under R.S. 6:969.20(A) as if prepayment in full had been made as of the date the maturity of the obligation is accelerated at the creditor's election, except that any consumer credit insurance, property insurance, and other insurance coverages in force at such time shall not be rebated until payment is made in full. Thereafter, the obligation sued upon shall be deemed to bear a loan finance charge or credit service charge on the amount due at the annualized rate previously agreed to by the consumer until the transaction is paid in full.
B. If the maturity of a simple interest transaction is accelerated for any reason, the extender of credit may charge the consumer a twenty-five dollar prepayment charge as provided under R.S. 6:969.20(B).
Acts 1999, No. 794, §1, eff. July 2, 1999.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:969.22. Attorney fees

RS 6:969.22 - Attorney fees
A motor vehicle credit contract may provide for the payment of collection and enforcement attorney fees by the consumer in an amount not to exceed twenty-five percent of the total amount payable under the transaction.
Acts 1999, No. 794, §1, eff. July 2, 1999.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:969.23. Collection and enforcement costs and expenses

RS 6:969.23 - Collection and enforcement costs and expenses
The consumer shall be obligated and responsible to reimburse the extender of credit for its out-of-pocket collection costs and expenses incurred in collecting the consumer's obligation and in enforcing the creditor's security rights against the secured motor vehicle and any other collateral. The consumer shall be further obligated and responsible to reimburse the extender of credit for such additional collection costs and expenses as may be authorized under Chapters 3 and 9 of the Louisiana Commercial Laws, R.S. 10:3-101 et seq., and R.S. 10:9-101 et seq.
Acts 1999, No. 794, §1, eff. July 2, 1999.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:969.24. Use of multiple agreements

RS 6:969.24 - Use of multiple agreements
An extender of credit shall not divide a consumer loan into multiple agreements for the purpose of obtaining a higher loan finance charge than would otherwise be permitted.
Acts 1999, No. 794, §1, eff. July 2, 1999.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:969.24.1. Acts to lessen or eliminate competition prohibited

RS 6:969.24.1 - Acts to lessen or eliminate competition prohibited
A. Any person or any affiliates thereof, subject to the provisions of this Chapter, shall be prohibited from making statements, threats, promises, acts, contracts, or offers of contracts that the intended or actual effect of which is to coerce or attempt to coerce any seller to sell or offer to sell any extended service contract, extended maintenance plan, or GAP product offered, sold, backed, or sponsored by a particular entity, including but not limited to any manufacturer or distributor of motor vehicles or affiliates thereof, as defined in R.S. 32:1252, by setting limits for the amount financed in regard to the financing of premium or other charges for any insurance coverage, product, or service financed on the retail installment contract, when the discrimination in the amount financed limits is based, in whole or in part, upon whether or not the product, insurance, or service is provided by the person or affiliates thereof, subject to the provisions of this Chapter, or to the extent any such statements, threats, promises, acts, contracts, or offers of contracts shall lessen or eliminate competition to sell the aforementioned products.
B. Nothing contained in this Section shall prohibit a person or any affiliates thereof, subject to the provisions of this Chapter, from offering or providing incentive benefits or bonus programs to a seller or prospective seller who makes the voluntary decision to sell or offer to sell any extended service contract, extended maintenance plan, or GAP product offered, sold, backed, or sponsored by a particular entity, including but not limited to any manufacturer or distributor of motor vehicles or affiliates thereof, as defined in R.S. 32:1252, or to sell, assign, or transfer any retail installment sale or lease by him of motor vehicles manufactured or sold by the manufacturer or distributor to a specified finance company or leasing company.
Acts 2010, No. 258, §1.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:969.24.2. Mandatory sales prohibited

RS 6:969.24.2 - Mandatory sales prohibited
It shall be a violation of this Chapter for any person subject to the provisions of this Chapter to require a seller to sell any insurance coverage, product, or service, which is provided, administered, or sold by a person or any affiliates thereof, subject to the provisions of this Chapter, in order to secure preferential financing or preferential limits on the amounts financed rates for the dealership or its customers.
Acts 2010, No. 258, §1.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:969.27. Existing insurance

RS 6:969.27 - Existing insurance
When consumer credit insurance is required in connection with a motor vehicle credit transaction, the extender of credit shall furnish the consumer a statement which shall clearly and conspicuously state that consumer credit insurance is required and that the consumer shall have the option of furnishing the required insurance either through existing policies of insurance coverages or through any insurance company authorized to transact business in Louisiana.
Acts 1999, No. 794, §1, eff. July 2, 1999.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:969.28. Limitations on insurance rates; contract requirements

RS 6:969.28 - Limitations on insurance rates; contract requirements
Any insurance provided, sold, or obtained through an extender of credit shall be written at lawful rates and in accordance with the provisions of the Louisiana Insurance Code by a company authorized to do business in this state which is not under a court-ordered rehabilitation, conservation, liquidation, or dissolution; however, such insurance may be written in accordance with R.S. 22:432 through 444 if the provisions thereof are applicable. Any extender of credit that writes insurance in compliance with the preceding requirements shall not be liable to any insured as a result of the insurer's inability to pay any claim to an insured due to insolvency, or pursuant to any court-ordered rehabilitation, conservation, liquidation, or dissolution. The contract or agreement must briefly indicate the kind, coverage, term, and amount of premium of such insurance.
Acts 1999, No. 794, §1, eff. July 2, 1999; Acts 2008, No. 415, §2, eff. Jan. 1, 2009.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:969.29. Choice of insurer

RS 6:969.29 - Choice of insurer
The consumer shall have the privilege at the time of execution of the contract of purchasing any required or requested insurance from an agent or broker of his own selection and of selecting an insurance company acceptable to the extender of credit but, in such cases, the inclusion of the insurance premium in the contract shall be optional with the extender of credit. However, any licensed admitted property and casualty insurer possessing a valid certificate of authority to transact property and liability insurance coverage in the state of Louisiana shall be deemed to be an acceptable insurer for the provisions of this Chapter. The extender of credit may refuse any otherwise acceptable insurer which is under court-ordered rehabilitation, conservation, liquidation, or dissolution.
Acts 1999, No. 794, §1, eff. July 2, 1999.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:969.30. Conditions applying to insurance provided by the extender of credit

RS 6:969.30 - Conditions applying to insurance provided by the extender of credit
If an extender of credit agrees with a consumer to obtain or provide insurance, the insurance shall either be evidenced by an individual policy or certificate of insurance delivered to the consumer, or sent to him at his address as stated by him, within forty-five days after the term of the insurance commences or the extender of credit shall promptly notify the consumer of any failure or delay in providing or obtaining the insurance, individual policy, or certificate of insurance.
Acts 1999, No. 794, §1, eff. July 2, 1999.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:969.31. Cancellation of insurance; refund or credit upon cancellation

RS 6:969.31 - Cancellation of insurance; refund or credit upon cancellation
A. When a motor vehicle credit transaction is paid in full for any reason, the insurance paid by the consumer and provided, sold, or obtained through the seller or extender of credit in connection therewith shall be canceled; however, this provision shall not apply to insurance which is the subject of a specific written request by the consumer requesting that such insurance remain in force beyond the provision of this Section.
B. When insurance paid by the consumer is terminated for any reason, the refund for unearned insurance premiums received by the extender of credit shall, at the creditor's option, be applied toward payment of the premium for insurance to replace the coverage canceled, adjusted, or terminated, or toward payment of the unpaid balance of the motor vehicle credit transaction. The order of applying said unearned premium shall be inverse to the order in which the installments of the motor vehicle credit transaction are payable according to its terms, beginning with the installment due on the final due dates and not to the next ensuing installment which shall remain payable as originally scheduled. The remaining balance of unearned insurance premiums, if any, shall be refunded to the consumer; however, no cash refund shall be required if the amount thereof is less than one dollar or to the extent provided for by federal law.
Acts 1999, No. 794, §1, eff. July 2, 1999.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:969.32. Gain from insurance

RS 6:969.32 - Gain from insurance
Any gain or advantage to the seller or extender of credit, or any employee, officer, director, agent, general agent, affiliate, or associate, from such insurance or its provisions or sale shall not be considered as a further charge nor a further credit service charge or loan finance charge in violation of this Chapter.
Acts 1999, No. 794, §1, eff. July 2, 1999.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:969.34. Guidance by commission; advisory opinions

RS 6:969.34 - Guidance by commission; advisory opinions
Any action taken by an extender of credit pursuant to any rulings or interpretive opinions made by the commission or made by its officers or attorneys shall not be deemed to be a violation of this Chapter. Advisory opinions and interpretations of the commission or its employees and attorneys shall not be considered rules requiring compliance with the rulemaking process under the Administrative Procedure Act. The commission or its employees and attorneys shall have no liability to any person with respect to the issuance of a ruling or interpretive opinion made under this Section.
Acts 1999, No. 794, §1, eff. July 2, 1999.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:969.35. Authority to make consumer loans; assignees; authority to issue debt waiver or debt forgiveness agreements

RS 6:969.35 - Authority to make consumer loans; assignees; authority to issue debt waiver or debt forgiveness agreements
A.(1) Unless a person has first obtained a license from the commission or is exempt from licensing under R.S. 6:969.36, he shall not engage in the business of making consumer loans or the origination of consumer credit sales subject to this Chapter.
(2) Unless a person has first obtained a license from the commission, or is a supervised financial organization, he shall not engage in business as an administrator or as a salesman or agent involving debt waiver or debt forgiveness agreements.
B. An assignee may not take assignments of and undertake direct collection of payments from or enforce rights against consumers under a consumer loan or consumer credit sale subject to this Chapter without first having obtained a license from the commission. An assignee may, however, collect and enforce consumer obligations of which it has taken assignment for three months without a license if the assignee notifies the commission in writing, the assignee promptly applies for a license, and the application is not rejected.
C. There is no requirement that a licensee have one or more offices in this state.
D. Any person violating this Section may be fined one thousand dollars for each contract originated or purchased or for each debt waiver or debt forgiveness agreement issued or guaranteed without that person being properly licensed. The fine shall be payable to the commission.
Acts 1999, No. 794, §1, eff. July 2, 1999; Acts 2005, No. 255, §1; Acts 2010, No. 374, §1.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:969.36. License not required

RS 6:969.36 - License not required
A. All of the following shall be exempt from the licensing requirements of this Chapter:
(1) Supervised financial organizations.
(2) Trusts and trustees, including without limitation securitization trusts and trustees.
(3) Assignees with no offices in this state holding motor vehicle contracts on an interim basis for a period of ninety days or less.
(4) Governmental agencies, instrumentalities, or public entities organized by Act of Congress or the Legislature of Louisiana.
(5) Qualified pension plans when entering into an extension of credit to a plan participant.
(6) Bona fide pledgees of motor vehicle credit contracts.
(7) Persons holding motor vehicle contracts for servicing or collection on behalf of the actual owner of such obligations.
(8) Licensed motor vehicle dealers to the extent that they regularly sell, assign, and transfer contracts originated by them to third party assignees within sixty days following origination. A licensed motor vehicle dealer may retain at any one time, and from time to time thereafter, a maximum of twelve contracts for its own account without being subject to the licensing requirements of this Chapter.
B. The commission is authorized to waive the licensing and examination requirements for a subsidiary of an entity as described in Paragraph (A)(1) of this Section.
Acts 1999, No. 794, §1, eff. July 2, 1999; Acts 2007, No. 131, §1, eff. June 25, 2007.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:969.38. Denial, suspension, or revocation of licenses

RS 6:969.38 - Denial, suspension, or revocation of licenses
A. Renewal of a license originally granted under this Chapter may be denied or a license may be suspended or revoked by the commission for any of the following grounds:
(1) Material misstatements in the application for a license.
(2) Failure to comply with any provision of this Chapter.
(3) Defrauding any borrower to the borrower's damage.
(4) Fraudulent misrepresentation, circumvention, or concealment by the licensee through whatever subterfuge or device of any of the material particulars or the nature thereof required to be stated or furnished to the borrower under this Chapter.
B. If the licensee is a partnership, limited liability company, or corporation, it shall be sufficient cause for the suspension or revocation of a license that any partner, member, officer, director, or employee of the licensee has so acted or failed to act as would be cause for suspending or revoking a license to such party as an individual. Each licensee shall be responsible for the acts of any and all of its employees while acting as its agent.
C.(1) No license shall be denied, suspended, or revoked except after hearing thereon. The commission shall give the licensee at least thirty days written notice, in the form of an order to show cause, of the time and place of such hearing by certified mail addressed to the principal place of business in the state of such licensee. The said notice shall contain the grounds of complaint against the licensee.
(2) Any order suspending or revoking such license shall recite the grounds upon which the same is based. The order shall be entered upon the records of the commission and shall not be effective until after thirty days written notice thereof given after such entry forwarded by certified mail to the licensee at such principal place of business.
(3) No revocation, suspension, or surrender of any license shall impair or affect the obligation under any motor vehicle credit contract or agreement entered into or acquired previously thereto by the licensee.
D. Within thirty days after such denial, suspension, or revocation of a license, the licensee may apply for a review thereof by application to the district court for the parish of Jefferson in accordance with the Administrative Procedure Act.
Acts 1999, No. 794, §1, eff. July 2, 1999; Acts 2006, No. 785, §1.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:969.39. Investigations and complaints

RS 6:969.39 - Investigations and complaints
A. The commission, if it has reason to believe that any licensee or any other person has violated any of the provisions of this Chapter, shall have the power to make such investigations as it shall deem necessary and, to the extent necessary for this purpose, the commission may examine such licensee or any other person and shall have the power to compel the production of all relevant books, records, accounts, and documents.
B. Any borrower having reason to believe that this Chapter has been violated may file with the commission a written complaint setting forth the details of such alleged violation. The commission, upon receipt of such complaint, may inspect the pertinent books, records, letters of the lender and of the borrower involved relating to such specific written complaint.
Acts 1999, No. 794, §1, eff. July 2, 1999; Acts 2006, No. 785, §1.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:969.41. Fines imposed by the commission

RS 6:969.41 - Fines imposed by the commission
A. Any person who willfully violates any provision of this Chapter shall be subject to a fine by the commission in an amount not to exceed five thousand dollars per violation.
B. The commission may render judgment for costs, or any part thereof, against any party to proceedings held or scheduled to be held before the commission as it may consider equitable. These costs shall include but shall not be limited to court reporter fees, commission attorney fees, the mileage and per diem of the commission, and other applicable reasonable costs.
C. Any person who is required to be licensed under this Chapter and who fails to timely obtain a license as herein provided may be ordered by the commission to pay a penalty of one hundred dollars in addition to the regular license fee herein provided.
Acts 1999, No. 794, §1, eff. July 2, 1999; Acts 2006, No. 785, §1.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:969.42. Venue for litigation or arbitration; choice of law

RS 6:969.42 - Venue for litigation or arbitration; choice of law
A. A provision contained in any document relating to a motor vehicle credit transaction or debt waiver or debt forgiveness agreement that was entered into in the state of Louisiana requiring that litigation or arbitration be conducted outside of this state is void and unenforceable.
B. Except as to a supervised financial organization, a provision contained in any document relating to a motor vehicle credit transaction or debt waiver or debt forgiveness agreement that was entered into in the state of Louisiana that seeks to apply any law other than Louisiana law to a dispute between the parties to such transaction is void and unenforceable.
Acts 2007, No. 131, §1, eff. June 25, 2007; Acts 2010, No. 374, §1.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:969.51. GAP coverage; requirements

RS 6:969.51 - GAP coverage; requirements
A. Debt waiver or debt forgiveness agreements may be offered, sold, or provided to consumers in this state in compliance with this Chapter.
B. Debt waiver or debt forgiveness agreements shall be sold for a single premium.
C. Notwithstanding any other provision of law to the contrary, any cost to a consumer for a debt waiver or debt forgiveness agreement entered into in compliance with The Truth in Lending Act, 15 U.S.C. 1601 et seq., and its implementing regulations, as they may be amended from time to time, shall be separately stated and shall not be considered a finance charge or interest.
D. A seller shall insure its debt waiver or debt forgiveness agreement's obligations under a contractual liability or other insurance policy issued by an insurer. A lender, other than a seller, may insure its debt waiver or debt forgiveness agreement's obligations under a contractual liability policy or other such policy issued by an insurer. Any such insurance policy may be directly obtained by a lender, seller, or may be procured by an administrator to cover a lender's or seller's obligations; however, sellers that are lessors on motor vehicles shall not be required to insure obligations related to debt waiver or debt forgiveness agreements on such leased vehicles.
E. The debt waiver or debt forgiveness agreement remains a part of the contract upon the assignment, sale, or transfer of such contract by the seller or lender.
F. Neither the extension of credit, the term of credit, nor the term of the related motor vehicle sale or lease may be conditioned upon the purchase of a debt waiver or debt forgiveness agreement.
G. Any seller or lender that offers a debt waiver or debt forgiveness agreement shall report the sale of, and forward funds received on, all such waivers to the designated party, if any, as prescribed in any applicable administrative services agreement, contractual liability policy, other insurance policy, or other specified program documents.
Acts 2006, No. 280, §1; Acts 2010, No. 374, §1.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:969.52. Liability; contractual or insurance policies

RS 6:969.52 - Liability; contractual or insurance policies
A. Contractual liability or other insurance policies insuring debt waiver or debt forgiveness agreements shall state the obligation of the insurer to reimburse or pay to the creditor any sums the lender is legally obligated to waive under the debt waiver or debt forgiveness agreement issued by the seller or lender and purchased or held by the consumer.
B. Coverage under a contractual liability or other insurance policy insuring a debt waiver or debt forgiveness agreement shall also cover any subsequent assignee upon the assignment, sale, or transfer of the contract.
C. Coverage under a contractual liability or other insurance policy insuring a debt waiver or debt forgiveness agreement shall remain in effect unless cancelled or terminated in compliance with applicable insurance laws of this state.
D. The cancellation or termination of a contractual liability or other insurance policy shall not reduce the insurer's responsibility for debt waiver or debt forgiveness agreements issued by the seller or lender prior to the date of cancellation or termination and for which premium has been received by the insurer.
Acts 2010, No. 374, §1.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:969.53. Cancellation

RS 6:969.53 - Cancellation
A. Debt waiver or debt forgiveness agreements may be cancelled. Debt waiver or debt forgiveness agreements shall provide that if a consumer cancels a waiver within the "free-look period", the consumer shall be entitled to a full refund of the purchase price, so long as no benefits have been provided; or in the event benefits have been provided, the consumer may receive a full or partial refund pursuant to the terms of the waiver.
B. In the event of a consumer cancellation of the debt waiver or debt forgiveness agreement or early termination of the contract, after the agreement has been in effect beyond the "free-look period", the consumer is entitled to a refund of any unearned portion of the purchase price of the waiver on terms no less favorable to the consumer than the method of refund commonly known as the "Rule of 78s" or the "sum of digits" refund method. In order to receive a refund, the consumer, in accordance with any applicable terms of the waiver, shall provide a written request to the lender, administrator, or other party.
C. If the cancellation of a debt waiver or debt forgiveness agreement occurs as a result of a default under the contract or the repossession of the motor vehicle associated with the contract, or any other termination of the contract, any refund due may be paid directly to the lender or administrator and applied as set forth in Subsection D of this Section.
D. Any cancellation refund under the provisions of this Section may be applied by the lender as a reduction of the amount owed under the contract, unless the consumer can show that the contract has been paid in full.
E. No consumer shall be charged a cancellation fee.
Acts 2010, No. 374, §1.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:969.54. Disclosures

RS 6:969.54 - Disclosures
Debt waiver or debt forgiveness agreements shall disclose, as applicable, in writing and in clear, understandable language that is easy to read, the following:
(1) The name and address of the initial lender and the consumer at the time of sale and the identity and address of any administrator if different from the lender.
(2) The purchase price and the terms of the debt waiver or debt forgiveness agreement, including without limitation, the requirements for protection, conditions, or exclusions with the debt waiver or debt forgiveness agreement.
(3) A clear statement in the debt waiver or debt forgiveness agreement given to the consumer that by its acceptance as an amendment to the contract upon assignment, the lender agrees to waive the consumer's liability for the difference between the amount owed, excluding past due amounts, payment extensions, insurance, prior unrepaired damage for which the consumer has been paid by an insurer, or other charges, under the consumer's contract and the amount paid by the consumer's primary insurer after a vehicle is deemed a total loss from a peril covered by the consumer's primary insurance company or if there is no primary insurance on the date of loss, the actual cash value of the motor vehicle at the time of loss as determined by an established value guide.
(4) That the consumer may cancel the debt waiver or debt forgiveness agreement within a "free-look period" as specified in the waiver, and shall be entitled to a full refund of the purchase price, so long as no benefits have been provided; or in the event benefits have been provided, the consumer may receive a full or partial refund of the premium paid pursuant to the terms of the waiver.
(5) The procedure the consumer shall follow, if any, to obtain debt waiver or debt forgiveness agreement benefits under the terms and conditions of the waiver, including a telephone number and address where the consumer may apply for waiver benefits.
(6) That in order to receive any refund due in the event of a debt waiver or debt forgiveness agreements's cancellation of the debt waiver or debt forgiveness agreements or early termination of the contract after the "free-look period" of the debt waiver or debt forgiveness waiver, the consumer, in accordance with terms of the waiver, shall provide a written request to cancel to the lender, administrator, or such other party, within ninety days of the occurrence of the event terminating the contract.
(7) Any refund of the unearned purchase price of the debt waiver or debt forgiveness agreement due, in the event of cancellation of the debt waiver or debt forgiveness agreement or early termination of the contract, shall be on terms no less favorable to the consumer than the method of refund commonly known as the "Rule of 78s" or the "sum of digits" refund method.
(8) That neither the extension of credit, the terms of the credit, nor the terms of the related motor vehicle sale or lease, may be conditioned upon the purchase of the debt waiver or debt forgiveness agreements.
Acts 2010, No. 374, §1.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:970. Purchase, merger, or consolidation of impaired financial institutions

RS 6:970 - Purchase, merger, or consolidation of impaired financial institutions
Notwithstanding any other provisions of this Title, whenever a conservatorship of a state bank has been commenced pursuant to R.S. 6:381 et seq., when the commissioner has taken possession of a savings and loan association pursuant to R.S. 6:872 et seq., or when the commissioner has placed a credit union in involuntary liquidation pursuant to R.S. 6:646 et seq., the commissioner may approve the sale of assets and assumption of liabilities, merger, or consolidation of the impaired financial institution to or with another financial institution. Before authorizing the proposed purchase, merger, or consolidation, the commissioner shall examine the qualifications, responsibility, and standing of the prospective purchase, merger, or consolidation candidate. He shall refuse to authorize the transaction if he finds that the public interest will not be served.
Acts 1985, No. 107, §1; Acts 1993, No. 457, §1, eff. Jan. 1, 1994.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:971. Approval of transaction; priorities

RS 6:971 - Approval of transaction; priorities
A. In considering transactions under this Chapter, the commissioner shall consider the need to minimize disruption in providing banking services to the citizens of Louisiana, and the need to preserve the strength and soundness of the banking system. The commissioner shall authorize transactions under this Chapter considering the following priorities in this order:
(1) Between financial institutions of the same type within the same parish.
(2) Between financial institutions of the same type anywhere within the state.
(3) Between financial institutions of different types within the same parish.
(4) Between financial institutions of different types anywhere within the state.
B. In considering transactions between financial institutions in different parishes, the commissioner shall give priority to prospective purchasers, merger, or consolidation candidates from adjoining parishes.
Acts 1985, No. 107, §1.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:972. Retention of branches

RS 6:972 - Retention of branches
Any financial institution created by operation of this Chapter may retain and operate any existing branch or branches of the financial institution merged with or acquired under the provisions of R.S. 6:971. Such financial institution, however, shall be subject to the conditions upon which it may establish and operate branches within the state.
Acts 1985, No. 107, §1.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:973. Prohibited insurance activities

RS 6:973 - Prohibited insurance activities
If a bank or bank holding company acquires a savings and loan association, the surviving financial institution or bank holding company and its subsidiaries shall not engage in any insurance activity except an insurance activity authorized by R.S. 6:242.
Acts 1985, No. 107, §1; Acts 1997, No. 1475, §1, eff. July 15, 1997.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:974. Acquisition of state bank in impaired condition

RS 6:974 - Acquisition of state bank in impaired condition
A. Notwithstanding any other provisions of this Title, upon a determination by the commissioner of financial institutions that a state bank is in such an impaired condition that it may fail, the commissioner may approve the sale of assets and assumption of liabilities, merger, or consolidation of the failing state bank or its holding company, if any, by another bank or a bank holding company domiciled in this state. In considering transactions under this Section, the commissioner shall consider the need to minimize disruption in providing banking services to the citizens of Louisiana and the need to preserve the strength and soundness of the banking system.
B. The commissioner may authorize purchases, mergers, or consolidations under this Section considering the following priorities in the following order:
(1) Between entities domiciled in the same parish;
(2) Between entities domiciled in adjoining parishes;
(3) Between entities domiciled in any parish of the state.
C. For the purposes of this Section and no other, the commissioner may determine that a state bank is a failing bank if all the following exist:
(1) It has an adjusted capital to assets ratio of less than four percent, according to the latest examination by the office of financial institutions or the Federal Deposit Insurance Corporation.
(2) It is the conclusion of the commissioner that the bank has major and serious problems or unsafe and unsound conditions which are not being satisfactorily addressed or resolved.
(3) It is the conclusion of the commissioner that the bank has a high potential for failure, although failure is not necessarily imminent.
D. Upon an acquisition of a failing bank as authorized by this Section, the acquiring or surviving entity may do any of the following:
(1) Retain and operate as a branch bank any existing office of the acquired bank.
(2) Be authorized to apply for additional branches in the parish of domicile of the acquired bank.
(3) Merge the acquired bank with a bank subsidiary of the acquirer or itself, if it is a bank at any time following the acquisition. After such a merger, the surviving bank may utilize Paragraphs (1) and (2) of this Subsection.
E. Nothing contained herein shall be construed to alter, amend, or repeal the provisions of R.S. 6:351 et seq., or of R.S. 6:517, or of Part I of Chapter 6 of this Title, R.S. 6:501, et seq.
Acts 1986, No. 975, §1, eff. July 14, 1986; Acts 1986, No. 197, §1.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:975. §§975, 976 Repealed by Acts 1972, No. 454, §3, eff. Jan. 1, 1973.

RS 6:975 - §§975, 976 Repealed by Acts 1972, No. 454, §3, eff. Jan. 1, 1973.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:1002. Definitions

RS 6:1002 - Definitions
For the purposes of this Chapter:
(1)(a) "Check-casher" means an individual, partnership, unincorporated association, or corporation that, for compensation, engages, in whole or in part, in the business of cashing checks, drafts, money orders, or other commercial paper serving the same purpose.
(b) "Check-casher" does not mean either one of the following:
(i) An individual, partnership, unincorporated association, or corporation that charges no fee to the presenter or payor for the cashing of a check, draft, money order, or traveler's check.
(ii) An individual, partnership, unincorporated association, or corporation that cashes a check, draft, money order, or traveler's check, or other commercial paper if the fee charged does not exceed two dollars and the currency exchange is incidental to the person's primary business.
(2) "Commissioner" means the commissioner of financial institutions.
(3) "Currency exchange" means the cashing of checks, drafts, money orders, or traveler's checks, or other commercial paper serving the same purpose by a check-casher.
(4) "Licensee" means a check-casher licensed by the commissioner to engage in business in accordance with this Chapter.
Acts 1999, No. 1208, §1, eff. July 9, 1999; Acts 2000, 1st Ex. Sess., No. 31, §1.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:1003. License; certificates

RS 6:1003 - License; certificates
Beginning January 1, 2000, a person engaging in currency exchange shall obtain a license from the commissioner. A person may engage in such business at more than one location with one license. The commissioner shall issue a certificate for each currency exchange location in addition to the license.
Acts 1999, No. 1208, §1, eff. July 9, 1999.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:1004.2. Enforcement powers of the commissioner

RS 6:1004.2 - Enforcement powers of the commissioner
A. The commissioner may, in his discretion, conduct such investigations as he deems necessary to ascertain possible violations of this Chapter or any rule, regulation, or order promulgated or issued in connection therewith. Any person who is engaged in or is engaging in or is about to engage in any act or practice which is prohibited by this Chapter or any rule, regulation, or order promulgated or issued in connection therewith, or any person who has failed to act or is failing to act or is about to fail to act under any affirmative duty imposed by this Chapter or any rule, regulation, or order promulgated or issued in connection therewith, shall be subject to appropriate action by the commissioner. Such action shall include but shall not be limited to the issuance of orders to cease and desist or to assess civil money penalties, entering into compliance agreements, seeking injunctive relief from a court of competent jurisdiction, or any combination thereof.
B. The commissioner, in addition to or in place of suspension or revocation of a license, may fine up to five hundred dollars for each violation any person who violates any provision of this Chapter.
C. The commissioner may maintain a civil action in a court of competent jurisdiction to recover such fines, together with any costs and attorney fees incident to such action.
Acts 1999, No. 1124, §1; Acts 2006, No. 767, §1.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:1005. Qualifications

RS 6:1005 - Qualifications
The commissioner shall evaluate the financial responsibility, financial condition, business experience, and the character and general fitness of the applicant. The commissioner may investigate and consider the qualifications of officers and directors of an applicant to determine whether this qualification has been met.
Acts 1999, No. 1208, §1, eff. July 9, 1999; Acts 2000, 1st Ex. Sess., No. 31, §1.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:1006. Approval or denial of application

RS 6:1006 - Approval or denial of application
A. No later than the sixtieth day after the date a complete application has been received, the commissioner shall approve or deny the application and so notify the applicant.
B.(1) The commissioner shall issue a license to the applicant and a certificate for each currency exchange location if the application has been approved, the qualifications have been met, and the requisite fees have been paid.
(2) If the commissioner denies the application, the commissioner shall notify the applicant in writing of the reasons for denial.
(3) An applicant may appeal the decision of the commissioner pursuant to the Administrative Procedure Act.
C.(1) Any person whose application or renewal application for licensure under this Chapter has been denied for any reason may not reapply for a license under this Chapter until after at least three years from the date of the order of denial unless the commissioner, in his sole discretion, prescribes an earlier or later date.
(2) For purposes of this Subsection:
(a) The term "order" shall mean the date of the commissioner's notification of denial of the person's application.
(b) The term "person" shall include the applicant, its owners, and its members if the applicant is a limited liability company, its partners if the applicant is a partnership, its officers and directors if the applicant is a corporation, and any other person determined by the commissioner, in his sole discretion, to be closely related to the person.
Acts 1999, No. 1208, §1, eff. July 9, 1999; Acts 2006, No. 767, §1.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:1007. Change of name or location

RS 6:1007 - Change of name or location
A. In the event that a licensee wishes to change its name, trade name, or assumed name and such change is not due to a change in ownership or legal entity, the licensee shall notify the commissioner in writing thirty days prior to such change and submit a fee of fifty dollars per certificate not to exceed three thousand dollars. If the licensee fails to notify the commissioner or remit the required fee within the required thirty days, the commissioner may assess the licensee an amount not to exceed one hundred dollars as a penalty.
B. If a licensee adds a new location or changes the location of a currency exchange, the licensee shall notify the commissioner thirty days prior to such change and submit a fee of fifty dollars per certificate not to exceed three thousand dollars. If the licensee fails to notify the commissioner or remit the required fee within the required thirty days, the commissioner may assess the licensee an amount not to exceed one hundred dollars as a penalty.
C. If the application is approved, the commissioner shall issue a certificate for the new location or locations.
Acts 1999, No. 1208, §1, eff. July 9, 1999; Acts 2006, No. 767, §1.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:1008. Suspension or revocation of license; hearing; surrender of license; administrative fines

RS 6:1008 - Suspension or revocation of license; hearing; surrender of license; administrative fines
A. The commissioner may suspend or revoke any license if the commissioner determines any one or more of the following has occurred:
(1) The licensee or any officer or director of a corporate licensee has violated any provision of this Chapter.
(2) The licensee or any officer or director of a corporate licensee has violated any provision of law which would indicate that the person is untrustworthy or is not qualified to operate a currency exchange, such as acts of fraud, misrepresentation, and other similar acts.
(3) The commissioner discovers facts that existed when the initial or renewal application for the license was made which would have warranted denial of the license.
(4) The licensee has failed to pay a fine assessed pursuant to this Chapter.
B.(1) A license shall not be suspended or revoked or a fine assessed until after a hearing.
(2) The commissioner shall give the licensee not less than twenty days from the mailing of written notice by certified mail, addressed to the principal place of business of the licensee, of the time and place of hearing.
(3) Any order of the commissioner suspending or revoking a license or assessing a fine shall state the grounds upon which the suspension, revocation, or fine is based and shall state an effective date for the suspension or revocation, or a date by which the fine shall be paid.
C.(1) A suspended or revoked license shall be surrendered by the licensee along with all location certificates to the commissioner in person or by first class mail within seven calendar days of the effective date of the suspension or revocation.
(2) The surrender shall not affect the licensee's civil or criminal liability for acts committed before the surrender, nor shall the surrender affect the liability on the bond required by this Chapter.
(3) The licensee shall not be entitled to a refund of license fees paid.
D. Each transaction in violation of a provision or requirement of this Chapter shall constitute a separate violation.
Acts 1999, No. 1208, §1, eff. July 9, 1999.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:1009. Regulation of fees; unreasonable fees; display of fees

RS 6:1009 - Regulation of fees; unreasonable fees; display of fees
A. Notwithstanding any other provision of law to the contrary, no check-casher licensed or regulated under this Chapter shall directly or indirectly charge or collect fees or other consideration for rendering currency exchange services in excess of the following:
(1) Two percent of the total amount of the check presented for cashing or five dollars, whichever is greater, for checks issued by or drawn upon the account of a public welfare or public assistance agency of the United States, the state of Louisiana, or any political subdivision of the state.
(2) Ten percent of the total amount of the check presented for cashing or five dollars, whichever is greater, for all other checks or for money orders.
B. All fees charged by a licensee for rendering currency exchange services shall be prominently displayed on the premises of the currency exchange location in such manner as the commissioner requires.
Acts 1999, No. 1208, §1, eff. July 9, 1999; Acts 2000, 1st Ex. Sess., No. 31, §1; Acts 2004, No. 775, §1.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:1011. Powers; limitations; prohibitions

RS 6:1011 - Powers; limitations; prohibitions
A licensee shall not accept money or currency for deposit or act as bailee or agent for any person to hold money or currency in escrow for others for any purpose. However, a licensee may act as agent for a person licensed under the Sale of Checks and Money Transmission Act, Chapter 13 of this Title.
Acts 1999, No. 1208, §1, eff. July 9, 1999; Acts 2001, No. 586, §1, eff. June 22, 2001.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:1012. Violations; criminal penalties; civil liability

RS 6:1012 - Violations; criminal penalties; civil liability
A. A violation of any provision or requirement of this Chapter is a misdemeanor and shall be punishable by a fine of not less than two hundred and fifty dollars but not more than five hundred dollars, imprisonment for a term of not more than six months, or both. Each transaction in violation of any provision or requirement of this Chapter shall constitute a separate offense.
B. The commissioner, through an administrative action or the district attorney of any judicial district, may maintain an action to enjoin violations of this Chapter.
C. Costs and reasonable attorney fees shall be awarded to the commissioner or a district attorney in all injunctive actions when the commissioner or district attorney successfully enforces this Chapter.
Acts 1999, No. 1208, §1, eff. July 9, 1999.