reglab/statecodes huggingface dataset:
2023 Louisiana Laws › Revised Statutes › Title 9 - Civil Code-Ancillaries › §9:3572.5. Application form

RS 9:3572.5 - Application form
A. The commissioner of financial institutions shall provide an application form that requires at least the following information which shall be given by the applicant:
(1) For a natural person:
(a) Full name.
(b) Date of birth.
(c) Place of birth.
(d) Business address.
(e) Home address.
(f) Name and address of employer.
(g) Names and addresses of the lenders through which the principal amount of the consumer loans or federally related mortgage loans are brokered.
(h) Number of consumer loans or federally related mortgage loans brokered in the past one-year period.
(i) A certified copy of the bond or of the formal notification by the depository of the establishment of the trust account required by R.S. 9:3572.8.
(2) For a corporation:
(a) Name.
(b) Copy of the certificate of incorporation if a Louisiana corporation.
(c) Copy of certificate authorizing the corporation to do business in Louisiana, if a foreign corporation.
(d) Address of the corporation in Louisiana.
(e) Address of the main corporate office, if outside of Louisiana.
(f) Name and address of president, secretary, and treasurer of the corporation.
(g) Name of each licensed loan broker through which it will conduct business.
(h) Names and addresses of the lenders through which the principal amount of consumer loans or federally related mortgage loans are brokered.
(i) Number of consumer loans or federally related mortgage loans brokered in the past one-year period.
(j) A certified copy of the bond or of the formal notification by the depository of the establishment of the trust account required by R.S. 9:3572.8.
B.(1) The commissioner may deny an application if he finds that the financial responsibility, character, and fitness of the applicant and its principals, owners, officers, directors, partners, and members, and the character and fitness of its managers are such as to warrant a belief that the business will not be operated honestly and fairly within the purposes of this Part.
(2) Upon written request, the applicant is entitled to a hearing on the question of his qualifications for a loan broker license if either of the following occurs:
(a) The commissioner has notified the applicant in writing that his application has been denied.
(b) The commissioner has not issued a permit within sixty days after the application therefor was filed.
(3) A request for a hearing may not be made more than fifteen days after the commissioner has mailed a written notice to the applicant notifying him that the application has been denied and stating in substance the commissioner's findings supporting denial of the application.
Acts 1986, No. 729, §1; Acts 1992, No. 353, §1, eff. June 17, 1992; Acts 1997, No. 1419, §1.
2023 Louisiana Laws › Revised Statutes › Title 9 - Civil Code-Ancillaries › §9:3572.6. Restrictions; records

RS 9:3572.6 - Restrictions; records
A. A loan broker shall broker a consumer loan or federally related mortgage loan only to a lender licensed by the office of financial institutions, or to a supervised financial organization or a lender that is exempt from licensure.
B.(1) Each loan broker shall maintain a copy of all Federal Disclosure Statements from each loan that he brokers and a copy of the signed "Loan Brokerage Agreement and Disclosure Statement" given to each person pursuant to R.S. 9:3572.11, which shall be available for inspection.
(2) If the records of the loan broker are located outside this state, the broker shall, at the option of the commissioner, make such records available to the commissioner at a specified location within this state convenient to the commissioner, or the broker shall pay the reasonable and necessary expenses for the commissioner to examine the records at the location specified in the records of the office. The commissioner may designate representatives from his office or, if available and more practical, officials serving in similar capacity in the state in which the records are located to inspect them on his behalf.
C. Except as specified by this Part, no loan broker may assess, contract for, or receive any type of fee, interest, or other charge in advance, except for expense deposits under conditions specified in this Subsection, from a potential borrower for the procurement of a loan. A loan broker may accept an advance expense deposit, but such deposit shall not exceed the good faith estimate of the actual cost of any appraisal, title search, credit reports performed by an independent person and required by the originating lender for the evaluation of the potential borrower's loan application, or the actual cost of any charge of no more than twenty-five dollars assessed to a loan broker by Fannie Mae for "Desktop Underwriter" or Freddie Mac for "Loan Prospector". Any expense deposit that exceeds the actual cost of any appraisal, title search, credit reports, or charge assessed to a loan broker by Fannie Mae for "Desktop Underwriter" or Freddie Mac for "Loan Prospector" must be promptly refunded to the borrower or credited to the borrower's account at the time of the loan closing.
Acts 1986, No. 729, §1; Acts 1992, No. 353, §1, eff. June 17, 1992; Acts 1997, No. 1419, §1; Acts 1999, No. 1160, §1; Acts 2003, No. 924, §2.
2023 Louisiana Laws › Revised Statutes › Title 9 - Civil Code-Ancillaries › §9:3572.7. Examination; rules

RS 9:3572.7 - Examination; rules
A. The commissioner of financial institutions, through his employees, may examine the records of a loan broker at any time during normal business hours without prior notice.
B. The commissioner may issue rules and regulations to implement this Part and may require that additional information be disclosed in the licensure form.
Acts 1986, No. 729, §1; Acts 1997, No. 1419, §1.
2023 Louisiana Laws › Revised Statutes › Title 9 - Civil Code-Ancillaries › §9:3572.8. Bond or trust account required

RS 9:3572.8 - Bond or trust account required
A. Every loan broker, except those loan brokers employed by a corporation with a valid loan broker's license, must obtain a surety bond issued by a surety company authorized to do business in Louisiana, or establish a trust account with a federally insured bank or savings institution located in Louisiana. The amount of the bond or trust account shall be twenty-five thousand dollars. The bond or trust account shall be in favor of the state of Louisiana. Any person damaged by the loan broker's breach of contract or of any obligation arising therefrom, or by any violation of law, or the attorney general seeking additional relief from R.S. 51:1408, may bring an action against the bond or trust account to recover monies therefrom. The aggregate liability of the surety or trustee shall be only for actual damages or additional relief under R.S. 51:1408 and in no event shall exceed the amount of the bond or trust account.
B. The term of the bond shall be continuous, but it shall be subject to termination by the surety upon giving sixty days written notice to the principal and to the commissioner. The bond shall continue in effect during the sixty-day period.
C. A copy of said bond shall be conspicuously posted at any business location of the broker near the location where payments are received.
D. It shall be unlawful for any loan broker or its agent or employee to post an expired bond or a bond which does not meet the requirements of this Section.
Acts 1986, No. 729, §1; Acts 1997, No. 1419, §1.
2023 Louisiana Laws › Revised Statutes › Title 9 - Civil Code-Ancillaries › §9:3572.9. Rebate upon prepayment

RS 9:3572.9 - Rebate upon prepayment
Whenever a lender that funded a brokered consumer loan or federally related mortgage loan is required to rebate unearned loan finance charges or credit service charges to the consumer due to prepayment or the acceleration of maturity, the loan broker shall refund to the lender the proportion of the broker's fee that must be rebated by the lender. This refund shall be made within seven days of the lender's furnishing proof to the broker of the required rebate.
Acts 1986, No. 729, §1; Acts 1997, No. 1419, §1.
2023 Louisiana Laws › Revised Statutes › Title 9 - Civil Code-Ancillaries › §9:3572.10. Right of cancellation

RS 9:3572.10 - Right of cancellation
An applicant for a consumer or federally related mortgage loan shall have the right to cancel a "Loan Brokerage Agreement and Disclosure Statement" required by R.S. 9:3572.11 within five business days of signing such agreement. The applicant may exercise the right to cancel until midnight of the fifth business day following his signing of such statement. The applicant borrower shall have been considered to have exercised his right of cancellation when written notification has been postmarked or otherwise delivered to the loan broker's designated place of business within the prescribed time.
Acts 1986, No. 729, §1; Acts 1997, No. 1419, §1; Acts 1999, No. 1160, §1.
2023 Louisiana Laws › Revised Statutes › Title 9 - Civil Code-Ancillaries › §9:3572.11. Loan brokerage statement; disclosure statement required

RS 9:3572.11 - Loan brokerage statement; disclosure statement required
A.(1) Each application for a consumer or federally related mortgage loan in which a loan broker is involved shall be accompanied by a written "Loan Brokerage Agreement and Disclosure Statement" which shall be signed by all contracting parties. A copy of the signed agreement shall be presented to the applicant at the time of signing.
(2) The initial paragraph of the "Loan Brokerage Agreement and Disclosure Statement" shall be entitled in at least ten point bold-face capital letters "DISCLOSURE REQUIRED BY LOUISIANA LAW". Under this title shall appear the statement in at least ten point type that "The state of Louisiana does not approve or disapprove any loan brokerage contract. The information contained in this disclosure has not been verified by the state. If you have any questions see an attorney before you sign a contract agreement."
B. The "Loan Brokerage Agreement and Disclosure Statement" shall contain the following information:
(1) The name of the loan broker; whether the loan broker is doing business as an individual, partnership, limited liability company, or corporation; the names under which the loan broker has done, is doing, or intends to do business; and the name of any parent or affiliated companies providing a settlement service.
(2) Repealed by Acts 1999, No. 1160, §2.
(3) The length of time the loan broker has conducted business as a loan broker.
(4) A full and detailed description of the actual services that the loan broker undertakes to perform for the prospective borrower.
(5) One of the following statements, whichever is appropriate:
(a) "As required by Louisiana law, this loan broker has secured a bond by ___________, a surety authorized to do business in this state. A certified copy of this bond is filed with the commissioner of financial institutions. Before signing a contract with this loan broker, you should check with the surety company to determine the bond's current status.", or
(b) "As required by Louisiana law, this loan broker has established a trust account (number of account) with (name/address of bank or savings institution). Before signing a contract with this loan broker you should check with the bank or savings institution to determine the current status of the trust account."
Acts 1986, No. 729, §1; Acts 1997, No. 1419, §1; Acts 1999, No. 1160, §§1, 2.
2023 Louisiana Laws › Revised Statutes › Title 9 - Civil Code-Ancillaries › §9:3572.12. Violations; penalties

RS 9:3572.12 - Violations; penalties
A. A loan made in violation of this Part shall not be invalid solely for that reason.
B. A person who violates a provision of this Part may be assessed a civil penalty of not more than one thousand dollars for each violation. The commissioner may maintain a civil action in a court of competent jurisdiction to recover such a civil penalty, together with his costs and attorney fees incident to such action.
C.(1) The commissioner may, after a hearing pursuant to the Administrative Procedure Act, suspend or revoke the license of a loan broker, upon a finding that any fact or condition exists which, if it had existed at the time of the original application for licensure, would have warranted the denying of its issuance.
(2) The commissioner may, after a hearing pursuant to the Administrative Procedure Act, suspend or revoke the license of a loan broker, upon a finding that the loan broker violated a provision of this Part or a rule or regulation of the commissioner issued pursuant thereto, or that the loan broker willfully, either orally or in writing, misrepresented the terms, benefits, privileges, or provisions of any service contract issued or to be issued by the loan broker or by any lender.
D. The contracting to receive any fee, interest, or other charge in violation of this Chapter shall result in forfeiture by the loan broker to the benefit of the aggrieved person of the entire fee, plus damages in the amount of twice the fee. In case the fee has been paid, the person by whom it has been paid may recover from the loan broker the amount of the fee thus paid, plus damages in the amount of twice the fee.
E. Whenever it shall appear to the commissioner, either upon complaint or otherwise, that any person has engaged in, is engaging in, or is about to engage in any act, practice, or transaction which is prohibited by this Part or by any order of the commissioner issued pursuant to any Section of this Part, or which is declared to be illegal in this Part, the commissioner may, in his discretion:
(1) Issue any order, including but not limited to cease and desist orders, which he deems necessary or appropriate in the public interest or for the protection of the public. Any person aggrieved by an order issued pursuant to this Subsection may request a hearing before the commissioner if such request is made within ten days after receipt of the order. Any such hearing or appeal therefrom shall be held in accordance with the Administrative Procedure Act.
(2) Apply to the district court of any parish in this state for an injunction restraining such person and the agents, employees, partners, officers, and directors of such person from continuing such act, practice, or transaction or engaging therein or doing any acts in furtherance thereof, and for such other and further relief as he deems necessary.
Acts 1986, No. 729, §1; Acts 1992, No. 353, §1, eff. June 17, 1992; Acts 1997, No. 1419, §1; Acts 1999, No. 1160, §1.
2023 Louisiana Laws › Revised Statutes › Title 9 - Civil Code-Ancillaries › §9:3573.1. Short title; purpose

RS 9:3573.1 - Short title; purpose
A. This Part shall be known and may be cited as the "Credit Repair Services Organizations Act".
B. The Legislature of Louisiana recognizes the right of the citizens of the state to utilize the services of qualified credit repair organizations for advice and assistance in improving their credit matters. The Legislature of Louisiana does hereby declare that it is in the best interest of the citizens of the state to protect consumers in their efforts to improve their credit record, history, and rating. The purpose of this Part is to promote the safety and welfare of the people of this state by providing a statutory structure in an area in which unqualified or unscrupulous individuals may injure or mislead the public.
Acts 1992, No. 345, §1; Acts 2003, No. 1027, §1, eff. Dec. 31, 2003; Acts 2006, No. 190, §1; Acts 2008, No. 858, §1, eff. July 9, 2008.
2023 Louisiana Laws › Revised Statutes › Title 9 - Civil Code-Ancillaries › §9:3573.3. Prohibited conduct

RS 9:3573.3 - Prohibited conduct
A credit repair services organization or a salesperson, agent, or representative of a credit repair services organization, who sells or attempts to sell the services of a credit repair services organization shall not:
(1) Charge a buyer or receive from a buyer money or other valuable consideration unless the credit repair services organization has obtained, in accordance with R.S. 9:3573.4, a surety bond issued by a surety company authorized to do business in this state.
(2) Make or use a false or misleading representation in the offer or sale of the services of a credit repair services organization, including guaranteeing to "erase bad credit" or words to that effect unless the representation clearly discloses that this can be done only if the credit history is inaccurate or obsolete.
(3) Engage, directly or indirectly, in a fraudulent or deceptive act, practice, or course of dealing in connection with the offer or sale of the services of a credit repair services organization.
(4) Make or advise a buyer to make a statement with respect to a buyer's credit worthiness, credit standing, or credit capacity that is false or misleading or that should be known by the exercise of reasonable care to be false or misleading to a consumer reporting agency or to a person who has extended credit to a buyer.
(5) Advertise or cause to be advertised, in any manner whatsoever, the services of a credit repair services organization without filing a registration statement with the attorney general, unless otherwise provided by this Part.
(6) Make nonessential requests for credit information relating to a buyer from any source providing such information for no cost.
(7) Repealed by Acts 2008, No. 858, §2, eff. July 9, 2008.
(8) Structure a transaction with a buyer in such a manner as to attempt to circumvent the provisions of this Part.
(9) Divide a transaction into multiple transactions, such as by attempting to sell or selling any publication, including but not limited to any book, pamphlet, or electronic or computer guide, related in any way to improving a buyer's credit record, history, or rating, to a buyer and, directly or indirectly, through any affiliate, subsidiary, related person, or otherwise, providing services to the buyer to assist him in utilizing or implementing the information or directions contained therein, unless all charges and fees related to such sale and service combined do not exceed the bona fide costs for publishing the copy of such publication.
(10) Violate any provision of the federal Credit Repair Organizations Act, 15 U.S.C. 1679 et seq., as amended. Any violation of such Act shall constitute a violation of state law.
Acts 1992, No. 345, §1; Acts 1995, No. 332, §1; Acts 2003, No. 1027, §1, eff. Dec. 31, 2003; Acts 2008, No. 858, §§1, 2, eff. July 9, 2008; Acts 2009, No. 76, §1.
2023 Louisiana Laws › Revised Statutes › Title 9 - Civil Code-Ancillaries › §9:3573.4. Bond; trust account

RS 9:3573.4 - Bond; trust account
A. All credit repair services organizations shall obtain a surety bond issued by a company licensed to do business in Louisiana.
B. The bond shall be filed with the attorney general of Louisiana.
C. The bond must be in favor of the state of Louisiana for the benefit of any person who is damaged by any violation of this Part.
D. Any persons claiming against the bond for a violation of this Part may maintain an action at law against the credit repair services organization and against the surety or trustee. The surety or trustee shall be liable only for damages awarded under R.S. 9:3573.10 and not the punitive damages permitted under that Section. The aggregate liability of the surety or trustee to all persons damaged by a credit repair services organization's violation of this Part shall not exceed the amount of the bond or trust account.
E. The bond shall be in the amount of one hundred thousand dollars.
F. The credit repair services organization shall notify the attorney general in writing within thirty days after it has ceased to do business in this state.
G. The failure to obtain or file the bond as required by this Section shall constitute a violation of this Part for purposes of civil or criminal remedies or penalties.
Acts 1992, No. 345, §1; Acts 2003, No. 1027, §1, eff. Dec. 31, 2003; Acts 2004, No. 79, §1, eff. May 28, 2004; Acts 2006, No. 190, §1; Acts 2008, No. 858, §1, eff. July 9, 2008; Acts 2009, No. 76, §1.
2023 Louisiana Laws › Revised Statutes › Title 9 - Civil Code-Ancillaries › §9:3573.6. Disclosure statement

RS 9:3573.6 - Disclosure statement
A. Before executing a contract or agreement with a buyer or receiving money or other valuable consideration, a credit repair services organization shall provide the buyer with a statement in writing, containing:
(1) A complete and detailed description of the services to be performed by the credit repair services organization for the buyer and the total cost of the services.
(2) A statement explaining the buyer's right to proceed against the bond required by R.S. 9:3573.4.
(3) The name and address of the surety company that issued the bond or the name and address of the depository and the trustee and the account number of the trust account.
(4) A complete and accurate statement of the buyer's right to review any file on the buyer maintained by a consumer reporting agency, as provided by the Fair Credit Reporting Act (15 U.S.C. Sec. 1681 et seq.).
(5) A statement that the buyer's file is available for review from the consumer reporting agency at no charge, under certain circumstances, if requested by the consumer within thirty days of receiving notice of a denial of credit and as provided in the federal Fair Credit Reporting Act.
(6) A complete and accurate statement of the buyer's right to dispute directly with the consumer reporting agency the completeness or accuracy of an item contained in a file on the buyer maintained by that consumer reporting agency.
(7) A statement that accurate information cannot be permanently removed from the files of a consumer reporting agency.
(8) A complete and accurate statement of when consumer information becomes obsolete and of when consumer reporting agencies are prevented from issuing reports containing obsolete information.
(9) A complete and accurate statement of the availability of nonprofit credit counseling services.
B. The credit repair services organization shall maintain on file, for a period of four years after the date the statement is provided, an exact copy of the statement, signed by the buyer, acknowledging receipt of the statement.
Acts 1992, No. 345, §1; Acts 2008, No. 858, §1, eff. July 9, 2008; Acts 2009, No. 76, §1.
2023 Louisiana Laws › Revised Statutes › Title 9 - Civil Code-Ancillaries › §9:3573.7. Form and terms of contract

RS 9:3573.7 - Form and terms of contract
A. Each contract between the buyer and a credit repair services organization for the purchase of the services of the credit repair services organization must be in writing, dated, signed by the buyer, and must include:
(1) A statement in type that is boldfaced, capitalized, underlined, or otherwise set out from surrounding written materials so as to be conspicuous, in immediate proximity to the space reserved for the signature of the buyer, as follows: "You, the buyer, may cancel this contract at any time before midnight of the fifth day after the date of the transaction. See the attached notice of cancellation form for an explanation of this right."
(2) The terms and conditions of payment, including the total of all payments to be made by the buyer, whether to the credit repair services organization or to another person.
(3) A full and detailed description of the services to be performed by the credit repair services organization for the buyer, including all guarantees and all promises of full or partial refunds, and the estimated length of time, not to exceed one hundred eighty days, for performing the services.
(4) The address of the credit repair services organization's principal place of business and the name and address of its agent in the state authorized to receive service of process.
B. The contract must have attached two easily detachable copies of a notice of cancellation. The notice must be in boldfaced type and in the following form:
"Notice of Cancellation
You may cancel this contract, without any penalty or obligation, within five days after the date the contract is signed.
If you cancel, any payment made by you under this contract will be returned within ten days after the date of receipt by the seller of your cancellation notice.
To cancel this contract, send by registered or certified mail, return receipt requested, or deliver in person, a signed dated copy of this cancellation notice, or other written notice to:
(Name of seller)
at
(address of seller) (place of business)
not later than midnight
(date)
.
I hereby cancel this transaction.
(date)
(purchaser's signature)
"
C. The credit repair services organization shall give to the buyer a copy of the completed contract and all other documents the credit repair services organization requires the buyer to sign at the time they are signed.
D. The breach by a credit repair services organization of a contract under this Part, or of any obligation arising from a contract under this Part, is a violation of this Part.
Acts 1992, No. 345, §1.
2023 Louisiana Laws › Revised Statutes › Title 9 - Civil Code-Ancillaries › §9:3573.8. Waiver

RS 9:3573.8 - Waiver
A. A credit repair services organization shall not attempt to cause a buyer to waive a right under this Part.
B. A waiver by a buyer of any part of this Part is void.
Acts 1992, No. 345, §1.
2023 Louisiana Laws › Revised Statutes › Title 9 - Civil Code-Ancillaries › §9:3573.10. Action for damages

RS 9:3573.10 - Action for damages
A. A buyer injured by a violation of this Part or by a credit repair services organization's breach of contract subject to this Part may maintain an action in a court of competent jurisdiction for recovery of actual damages plus costs of suit and reasonable attorney fees, which shall be measured by the time reasonably expended by the consumer's attorney and not by the amount of recovery. In case of an action brought by a buyer, actual damages shall not be less than the amount paid by the buyer to the credit repair services organization.
B. In the event of a willful violation by a credit repair services organization of this Part or of a contract subject to this Part, a person who is injured thereby shall be awarded, in addition to the damages allowable under Subsection A of this Section, an additional amount equal to twice the actual damages awarded under Subsection A of this Section.
C. A person who is entitled to recover damages, costs, or attorney fees from a credit repair services organization may petition the attorney general of Louisiana for relief under any surety bond established pursuant to R.S. 9:3573.4.
Acts 1992, No. 345, §1; Acts 2003, No. 1027, §1, eff. Dec. 31, 2003; Acts 2008, No. 858, §1, eff. July 9, 2008.
2023 Louisiana Laws › Revised Statutes › Title 9 - Civil Code-Ancillaries › §9:3573.11. Orders, injunctions, and publication

RS 9:3573.11 - Orders, injunctions, and publication
A. A buyer may bring an action in a court to enjoin a violation of this Part.
B. The attorney general may, in his discretion, conduct such investigations as he deems necessary to ascertain possible violations of this Part. 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 Part or any rule, regulation, or order promulgated or issued pursuant to this Chapter, 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 Part, shall be subject to appropriate action by the attorney general. Such action shall include but shall not be limited to the issuance of orders to cease and desist, entering into compliance agreements, seeking injunctive relief from a court of competent jurisdiction, or any combination thereof.
C. Repealed by Acts 2009, No. 76, §2.
Acts 1992, No. 345, §1; Acts 2003, No. 1027, §1, eff. Dec. 31, 2003; Acts 2006, No. 190, §1; Acts 2008, No. 858, §1, eff. July 9, 2008; Acts 2009, No. 76, §§1, 2.
2023 Louisiana Laws › Revised Statutes › Title 9 - Civil Code-Ancillaries › §9:3573.12. Statute of limitations

RS 9:3573.12 - Statute of limitations
An action shall not be brought under R.S. 9:3573.10 or 3573.11 after four years after the date of the execution of the contract for services to which the action relates.
Acts 1992, No. 345, §1.
2023 Louisiana Laws › Revised Statutes › Title 9 - Civil Code-Ancillaries › §9:3573.13. Criminal penalty

RS 9:3573.13 - Criminal penalty
A. A person who willfully violates any provision of this Part is guilty of a misdemeanor and upon conviction may be sentenced to pay a fine of not less than two hundred fifty dollars nor more than five thousand dollars, or to imprisonment not exceeding one year, or both.
B. The attorney general through an administrative action, or the district attorney of any judicial district may maintain an action to enjoin violations of this Part.
C. Costs and reasonable attorney fees shall be awarded to the attorney general or a district attorney in all injunctive actions where the attorney general or district attorney successfully enforces this Part.
Acts 1992, No. 345, §1; Acts 2008, No. 858, §1, eff. July 9, 2008.
2023 Louisiana Laws › Revised Statutes › Title 9 - Civil Code-Ancillaries › §9:3573.14. Burden of proving exemption

RS 9:3573.14 - Burden of proving exemption
A. In an action under this Part, the burden of proving an exemption under R.S. 9:3573.2(B) shall be on the person claiming the exemption.
B. Repealed by Acts 2004, No. 79, §2, eff. May 28, 2004.
Acts 1992, No. 345, §1; Acts 2003, No. 1027, §1, eff. Dec. 31, 2003; Acts 2004, No. 79, §2, eff. May 28, 2004.
2023 Louisiana Laws › Revised Statutes › Title 9 - Civil Code-Ancillaries › §9:3573.16. Civil money penalties

RS 9:3573.16 - Civil money penalties
A person who violates a provision of this Part may be fined up to one thousand dollars for each violation. The attorney general may maintain a civil action in a court of competent jurisdiction to recover such fines, together with his costs and attorney fees incident to such action.
Acts 1992, No. 345, §1; Acts 2008, No. 858, §1, eff. July 9, 2008.
2023 Louisiana Laws › Revised Statutes › Title 9 - Civil Code-Ancillaries › §9:3574.2. Definitions

RS 9:3574.2 - Definitions
As used in this Part, unless the context otherwise requires:
(1) "Advance fee" means any consideration which is assessed or collected prior to the issuance of a written commitment to make a loan that is binding on the lender, provided that certain conditions precedent are satisfied.
(2) "Borrower" means a person obtaining or desiring to obtain a loan of money, a credit card, or a line of credit.
(3) "Loan originator or broker" means any person, except any regulated or supervised financial organization, credit union, licensed commercial or consumer lender, insurance company, consumer loan broker, or mortgage broker or lender, provided that the person excepted is licensed or registered with and subject to regulation or supervision by an agency of the United States or any state and is acting within the scope of the license, charter, or other permit, who:
(a) For, or in expectation of, consideration paid by the borrower, directly or indirectly arranges or attempts to arrange, or offers to fund or make a loan of money, a credit card, or a line of credit.
(b) For, or in expectation of, consideration paid by the borrower, assists or advises a borrower, wherever located, in obtaining or attempting to obtain a loan of money, a credit card, a line of credit, or a related guarantee, enhancement, or collateral of any kind or nature.
(c) Acts for, or on behalf of, a loan broker for the purpose of soliciting borrowers.
(d) Holds himself out as a loan broker.
(4) "Office" means the Office of Financial Institutions in the office of the governor.
(5) "Person" means an individual or corporation, partnership, trust, association, joint venture pool, syndicate, sole proprietorship, unincorporated organization, or any other form of entity not specifically listed herein. A "person" shall not include an agency or instrumentality established or chartered under the laws of the United States.
(6) "Principal" means any officer, director, owner, sole proprietor, partner, member, joint venturer, manager, or other person with similar managerial or supervisory responsibilities for a person who makes or offers to make or broker loans, whatever his job title.
Added by Acts 1992, No. 346, §1, eff. June 17, 1992. Amended by Acts 1993, No. 283, §1, eff. July 1, 1993; Acts 2001, No. 8, §4, eff. July 1, 2001; Acts 2001, No. 9, §2, eff. July 1, 2001.
2023 Louisiana Laws › Revised Statutes › Title 9 - Civil Code-Ancillaries › §9:3574.3. Advance fees; prohibited acts

RS 9:3574.3 - Advance fees; prohibited acts
No loan originator or broker shall:
(1) Assess or collect an advance fee from a borrower to provide services as a loan originator or broker. Notwithstanding the foregoing, a person who originates or brokers commercial loans may accept from a potential borrower an advance expense deposit for commercial loans, but such deposit shall not exceed the good faith estimate of the actual cost of any appraisal, title search, or credit reports performed by a person independent of the loan originator or broker, and required by the originating lender for the evaluation of the potential borrower's commercial loan application. Any expense deposit which exceeds the actual cost of any appraisal, title search, or credit reports shall be promptly refunded to the borrower or credited to the borrower's account at the time of the commercial loan closing. For purposes of this Part, a "commercial loan" means any loan the purpose of which is not for personal, family, or household use.
(2) Make or use any false or misleading representations or omit any material fact in the offer or sale of his services, or engage, directly or indirectly, in any act that operates or would operate as fraud or deception upon any person in connection with the offer or sale of the services of a loan originator or broker, notwithstanding the absence of reliance by the buyer.
(3) Make or use any false or deceptive representation in its business dealings.
(4) Make or use any false or deceptive representation to the office or conceal a material fact from the office.
Acts 1992, No. 346, §1, eff. June 17, 1992.
2023 Louisiana Laws › Revised Statutes › Title 9 - Civil Code-Ancillaries › §9:3574.4. Responsibility of principals

RS 9:3574.4 - Responsibility of principals
Each principal of a loan originator or broker may be sanctioned for actions by the loan originator or broker, including its agents or employees, engaged in during the course of business of the loan originator or broker.
Acts 1992, No. 346, §1, eff. June 17, 1992.
2023 Louisiana Laws › Revised Statutes › Title 9 - Civil Code-Ancillaries › §9:3574.5. Investigations; cease and desist orders; administrative fines

RS 9:3574.5 - Investigations; cease and desist orders; administrative fines
A. The office may investigate the actions of any person for compliance with this Part.
B. The office may order a person to cease and desist whenever the office determines that the person has violated, is violating, or will violate any provision of this Part, any rule or order promulgated by the office, or any written agreement entered into with the office.
C. The office may impose and collect an administrative fine against any person found to have violated any provision of this Part, any rule or order promulgated by the office, or any written agreement entered into with the office in an amount not to exceed five thousand dollars for each such violation. Each loan originated or brokered may be considered a separate violation. All fines collected hereunder shall be deposited in the Louisiana Consumer Credit Education Fund, provided such fund is in existence at the time of payment of the fine.
Acts 1992, No. 346, §1, eff. June 17, 1992.
2023 Louisiana Laws › Revised Statutes › Title 9 - Civil Code-Ancillaries › §9:3574.7. Injunction to restrain violations

RS 9:3574.7 - Injunction to restrain violations
A. Whenever the office determines, from evidence satisfactory to it, that any person has engaged, is engaged, or is about to engage in an act or practice constituting a violation of this Part, or a rule or order promulgated thereunder, the office may bring action in the name and on behalf of the state against such person and any other person concerned in or in any way participating in or about to participate in such practice, or engaging therein, or doing any act or acts in furtherance thereof or in violation of this Part to enjoin the person or persons from continuing the violation or acts in furtherance thereof. In such court proceedings, the office may apply for, and on due showing be entitled to have issued, the court's subpoena requiring the appearance of any defendant and his employees or agents, and the production of documents, books, and records that may appear necessary for the hearing of such petition, to testify or give evidence concerning the acts or conduct or things complained of in such application for injunction.
B. In addition to all other means provided by law for the enforcement of any temporary restraining order, temporary injunction, or permanent injunction issued in such court proceedings, the court shall have the power and jurisdiction, upon application of the office, to impound and to appoint a receiver or administrator for the property, assets, and business of the loan originator or broker, including but not limited to the books, records, documents, and papers appertaining thereto. Such receiver or administrator, when appointed and qualified, shall have all powers and duties as to custody, collection, administration, winding up, and liquidation of said property and business as shall from time to time be conferred upon him by the court. In such action, the court may issue orders and decrees staying all pending suits and enjoining any further suits affecting the receiver's or administrator's custody or possession of the said property, assets, and business or, in its discretion, may, with the consent of the presiding judge of the district, require that all such suits be assigned to the district court judge appointing the said receiver or administrator.
C. In addition to any other remedies provided by this Part, the office may apply to the court hearing this matter for an order of restitution whereby the defendants in such action shall be ordered to make restitution of those sums shown by the office to have been obtained by them in violation of any of the provisions of this Part. Such restitution shall, at the option of the court, be payable to the administrator or receiver appointed pursuant to this Section or directly to the persons whose assets were obtained in violation of this Part.
Acts 1992, No. 346, §1, eff. June 17, 1992.
2023 Louisiana Laws › Revised Statutes › Title 9 - Civil Code-Ancillaries › §9:3574.8. Criminal penalties

RS 9:3574.8 - Criminal penalties
Whoever violates any provision of this Part commits a felony and shall be fined not more than fifty thousand dollars, or imprisoned with or without hard labor for not more than ten years, or both.
Acts 1992, No. 346, §1, eff. June 17, 1992.
2023 Louisiana Laws › Revised Statutes › Title 9 - Civil Code-Ancillaries › §9:3574.9. Actions for damages

RS 9:3574.9 - Actions for damages
A. Any borrower injured by a violation of this Part may bring an action for recovery of damages. Judgment shall be entered for actual damages, but in no case less than the amount paid by the borrower to the loan originator or broker, plus reasonable attorney fees and costs. A penalty not to exceed three times the amount of actual damages may also be assessed the loan originator or broker and be awarded to the borrower.
B. Any borrower injured by a violation of this Part may bring an action against the surety bond or trust account, if any, of the loan originator or broker.
C. The remedies provided under this Part are in addition to any other procedures or remedies for any violation or conduct provided for in any other law.
Acts 1992, No. 346, §1, eff. June 17, 1992.
2023 Louisiana Laws › Revised Statutes › Title 9 - Civil Code-Ancillaries › §9:3574.10. Duties and powers of the office

RS 9:3574.10 - Duties and powers of the office
A. The office shall be responsible for the administration and enforcement of this Part. The attorney general for the state of Louisiana may assist and cooperate in and have coordinate investigation and enforcement powers in actions seeking to remedy violations of this Part.
B. The office may adopt such rules as it may deem necessary in the administration of this Part and not inconsistent therewith.
Acts 1992, No. 346, §1, eff. June 17, 1992.
2023 Louisiana Laws › Revised Statutes › Title 9 - Civil Code-Ancillaries › §9:3577.2. Definitions

RS 9:3577.2 - Definitions
The following words and phrases when used in this Part shall have the meanings ascribed to them below:
(1) "College campus" means the premises and grounds of an institution of postsecondary education.
(2) "Commissioner" means the commissioner of financial institutions.
(3) "Credit card" means a writing, number, or other evidence of an undertaking to pay for property or services delivered or rendered to or upon the order of a designated person or bearer.
(4) "Institution of postsecondary education" means any institution under the management of the Board of Supervisors for the University of Louisiana System, the Board of Supervisors of Louisiana State University and Agricultural and Mechanical College, the Board of Supervisors of Southern University and Agricultural and Mechanical College, and the Board of Supervisors of Community and Technical Colleges or any private or accredited college in the state.
(5) "Solicitation" means an act of asking, enticing, or requesting a student to read, review, or consider materials relating to an application for a credit card or to complete an application for a credit card.
(6) "Student" means a person who is under twenty-one years of age and who attends an institution of postsecondary education, whether enrolled on a full-time or part-time basis.
Acts 1999, No. 1110, §1.
2023 Louisiana Laws › Revised Statutes › Title 9 - Civil Code-Ancillaries › §9:3577.3. Registration prior to solicitation; inducements prohibited

RS 9:3577.3 - Registration prior to solicitation; inducements prohibited
A. Prior to engaging in the solicitation of a student on a college campus, a credit card issuer shall register its intent to solicit the student for that purpose with an appropriate official of the institution of postsecondary education.
B. The registration shall include the principal place of business of the credit card issuer and shall be in such form as required by regulation of the commissioner.
C. It shall be unlawful for any credit card issuer to give or offer to give, directly or indirectly, orally or in writing, any gratuity or other thing of value, or advertise the offering of such as an inducement for a student to read, review, or consider materials relating to an application for a credit card or to complete an application for a credit card, unless the student has been provided a credit card debt education brochure.
Acts 1999, No. 1110, §1; Acts 2003, No. 1010, §1.
2023 Louisiana Laws › Revised Statutes › Title 9 - Civil Code-Ancillaries › §9:3577.4. Debt collection against parent or guardian prohibited

RS 9:3577.4 - Debt collection against parent or guardian prohibited
It shall be unlawful for a credit card issuer to take any debt collection action, including but not limited to telephone calls or demand letters against the parent or legal guardian of a student for whom a credit card has been issued, unless the parent or legal guardian has agreed in writing to be liable for the debts of the student under the credit card agreement.
Acts 1999, No. 1110, §1.
2023 Louisiana Laws › Revised Statutes › Title 9 - Civil Code-Ancillaries › §9:3577.5. Violations; penalties

RS 9:3577.5 - Violations; penalties
A person who violates any provision of this Part may be fined up to one thousand dollars for each violation. The commissioner may maintain a civil action in a court of competent jurisdiction to recover such fines, together with his costs and attorney fees incident to such action.
Acts 1999, No. 1110, §1.
2023 Louisiana Laws › Revised Statutes › Title 9 - Civil Code-Ancillaries › §9:3578.1. Short title

RS 9:3578.1 - Short title
This Chapter shall be known and may be cited as the "Louisiana Deferred Presentment and Small Loan Act".
Acts 1999, No. 1315, §§1, 2, eff. Jan. 1, 2000.
2023 Louisiana Laws › Revised Statutes › Title 9 - Civil Code-Ancillaries › §9:3578.2. Legislative intent

RS 9:3578.2 - Legislative intent
It is the intent of the legislature to regulate deferred presentment transactions and small loans. These loans meet a legitimate credit need for many consumers; however, in order to protect consumers from excessive charges, it is the intent of the legislature to put certain restrictions on lenders who make these loans.
Acts 1999, No. 1315, §§1, 2, eff. Jan. 1, 2000.
2023 Louisiana Laws › Revised Statutes › Title 9 - Civil Code-Ancillaries › §9:3578.3. Definitions

RS 9:3578.3 - Definitions
As used in this Chapter, the following terms have the following meanings ascribed to them:
(1) "Commissioner" means the commissioner of the office of financial institutions.
(2) "Deferred presentment transaction" means a transaction made pursuant to a written agreement whereby a licensee:
(a) Accepts a check from the issuer dated as of the date it was written;
(b) Agrees to hold the check for a period of time not to exceed thirty days prior to negotiation or presentment; and
(c) Pays to the issuer of the check the amount of the check less the fee permitted in R.S. 9:3578.4(A). The amount paid to the issuer of the check may not exceed three hundred fifty dollars.
(3) "Licensee" means a person licensed pursuant to this Chapter that offers deferred presentment transactions or small loans, or both.
(4) "Partial payment" means a payment of fifty dollars or more on a deferred presentment transaction or small loan.
(5) "Prepayment" means payment in full of the deferred presentment transaction or small loan amount prior to the end of the term of that transaction or loan.
(6) "Small loan" means a consumer loan, as defined in R.S. 9:3516(14), of three hundred fifty dollars or less, made for a term of sixty days or less.
Acts 1999, No. 1315, §§1, 2, eff. Jan. 1, 2000.
2023 Louisiana Laws › Revised Statutes › Title 9 - Civil Code-Ancillaries › §9:3578.4. Finance charge and fees

RS 9:3578.4 - Finance charge and fees
A.(1) In conjunction with a deferred presentment transaction or small loan, a licensee may charge a fee not to exceed sixteen and seventy-five one hundredths percent of the face amount of the check issued or in the case of a small loan, the equivalent rate of interest, provided however that such fee or interest does not exceed forty-five dollars, regardless of the name or type of charge.
(2) If the loan remains unpaid at contractual maturity, the licensee may charge an amount equal to the rate of thirty-six percent per annum for a period not to exceed one year and beginning one year after contractual maturity, the rate shall not exceed eighteen percent per annum.
B. A licensee may contract with the borrower for reimbursement of the actual fee assessed to the licensee by the licensee's depository institution as a result of a borrower's check being returned for any reason. The fee shall be reimbursed to the licensee only once per check, regardless of the number of times the check was returned by the depository institution.
C. Except for reasonable attorney fees and costs awarded by a court, and fees allowed under R.S. 9:3529 and 3530(C), no other fees or charges may be assessed or collected on a deferred presentment transaction or small loan, including any other fees as may be provided for under Chapter 2 of this Code Title or any other law.
Acts 1999, No. 1315, §§1, 2, eff. Jan. 1, 2000; Acts 2003, No. 1283, §1; Acts 2010, No. 668, §1; Acts 2014, No. 636, §1, eff. Jan. 1, 2015.