reglab/statecodes huggingface dataset:
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:1013. Books of account; examinations

RS 6:1013 - Books of account; examinations
A. The licensee shall maintain sufficient books, accounts, and records that will enable the commissioner to determine if the licensee is complying with the provisions of this Chapter and with the rules adopted by the commissioner.
B. A licensee shall preserve the books, accounts, and records for at least two years after making the final entry.
C.(1) The commissioner, through his employees, may examine the records of a licensee at any time during normal business hours without prior notice.
(2) If the licensee's records are located outside this state, the licensee, at the commissioner's option, shall make them available to the commissioner at a location within this state convenient to the commissioner, or pay the reasonable and necessary expenses for the commissioner or his representatives to examine them at the place where they are maintained. The commissioner may designate representatives, including comparable officials of the state in which the records are located, to inspect them on his behalf.
Acts 1999, No. 1208, §1, eff. July 9, 1999.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:1013.1. Cashing federal and state treasury checks; records retention

RS 6:1013.1 - Cashing federal and state treasury checks; records retention
A. No licensee shall cash a United States Treasury tax refund check or state tax refund check in an amount of one thousand dollars or greater unless the person requesting that the check be cashed submits any one of the following:
(1) A valid current Louisiana driver's license that contains a photograph of the person presenting the driver's license.
(2) A valid current driver's license of another state that contains a photograph and the date of birth of the person submitting the driver's license.
(3) A valid current special identification card issued by the state of Louisiana pursuant to R.S. 40:1321 containing a photograph of the person submitting the identification card.
(4) A valid current passport or visa issued by the federal government or another country or nation, that contains a permanently attached photograph and the date of birth of the person submitting the passport or visa.
(5) A valid current military or federal identification card issued by the federal government containing a photograph and the date of birth of the person submitting the identification card.
B.(1) No form of identification required by Subsection A of this Section shall be accepted as proof of identification if it is expired, defaced, mutilated, or altered. If the state identification card or lawful identification submitted is a duplicate, the person shall submit additional identification that contains the name, date of birth, and photograph of the person. A duplicate driver's license shall be considered lawful identification for the purposes of this Section, and a person shall not be required to submit additional information containing the name, date of birth, and picture of the person.
(2) An educational institution identification card, check cashing identification card, or employee identification card shall not be considered as lawful identification for the purposes of this Section.
C. Each licensee shall maintain the following records and information for each United States Treasury tax refund check or state tax refund check in an amount of one thousand dollars or greater cashed by the licensee:
(1) The date on which the check is cashed.
(2) The number of the check and the face amount of the check.
(3) The name of the drawer of the check that is cashed.
(4) The name, home address, and date of birth of the person for whom the check is cashed and a copy of the photo identification presented as required in this Section.
(5) A copy of the front and back of the check that is cashed.
D. Notwithstanding the provisions of R.S. 6:1013(B), each licensee shall maintain the records and information required by this Section for at least three years from the date on which the check is cashed.
Acts 2013, No. 315, §1, eff. Nov. 1, 2013.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:1015. False advertising

RS 6:1015 - False advertising
A. A licensee may not advertise, print, display, publish, distribute, or broadcast any statement or representation that is false, misleading, or deceptive or that omits material information.
B. A licensee shall post accurate information concerning the check-cashing fees or percentages charged in a prominent location on the premises.
Acts 1999, No. 1208, §1, eff. July 9, 1999.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:1033. License required

RS 6:1033 - License required
A. No person, except those specified in R.S. 6:1034, shall engage in the business of money transmission or selling checks as a service or for a fee or other consideration without having first obtained a license pursuant to this Chapter.
B. The license granted shall be for the period commencing on January first and ending on December thirty-first of the year of initial licensure or renewal of a previously issued license, as the case may be. The license fee for the year of initial licensure shall not be prorated based on the number of months the license will be in effect; however, each person whose license is renewed for the licensing period of April, 2012, to April, 2013, shall on or before December 31, 2012, submit all required data for license renewal for the period of April, 2013, to December 31, 2013, and pay a licensing renewal fee equal to eight-twelfths of the total licensing fee paid for the licensing period of April, 2012, to April, 2013.
C. The office of financial institutions shall deposit the license fee check within two business days after it is received, anything to the contrary in R.S. 49:308 or 950 et seq. notwithstanding, whether or not the application is accompanied by all supporting documents required by law to be furnished as a prerequisite to licensure. However, the act of depositing the license fee shall not be construed as the granting of a license if the commissioner determines that the applicant has not met the requirements of this Chapter.
D. Any person required to be licensed by this Chapter shall pay all applicable fees to utilize any electronic database licensing system as described in R.S. 6:121.8.
Acts 1966, No. 476, §3. Amended by Acts 1972, No. 324, §1; Acts 1988, No. 792, §1; Acts 1992, No. 65, §1, eff. June 4, 1992; Acts 2001, No. 586, §1, eff. June 22, 2001; Acts 2012, No. 220, §1, eff. May 22, 2012.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:1034. Exemption from licensing

RS 6:1034 - Exemption from licensing
The following persons shall not be required to be licensed under this Chapter:
(1) The United States or an instrumentality of the United States government, including the United States Postal Service or a contractor acting on behalf of the United States Postal Service.
(2) A state or an agency, political subdivision, or other instrumentality of a state.
(3) A federally insured depository financial institution that is organized under the laws of this state, another state, or the United States.
(4) A wholly owned subsidiary of a federally insured depository institution that is organized under the laws of this state, another state, or the United States.
(5) A foreign bank branch or agency in the United States established under the federal International Banking Act of 1978, 12 U.S.C. 3101 et seq.
(6) A person acting as an agent for an entity excluded under Paragraphs (3) and (4) of this Section, to the extent of the person's actions in that capacity provided that:
(a) The entity is liable for satisfying the money services obligation owed to the purchaser on the person's receipt of the purchaser's money.
(b) The entity and person enter into a written contract that appoints the person as the entity's agent and the person acts only within the scope of authority conferred by the contract.
(7) A person that, on behalf of the United States or a department, agency or instrumentality of the United States, or a state, parish, city, or any other governmental agency or political subdivision of this state, provides electronic funds transfer services of governmental benefits for a federal, state, parish, or local governmental agency.
(8) A person that acts as an intermediary on behalf of and at the discretion of a licensee in the process by which the licensee, after receiving money or monetary value from a purchaser, either directly or through an agent, transmits the money or monetary value to the purchaser's designated recipient, provided that the licensee is liable for satisfying the obligation owed to the purchaser.
(9) An attorney or title company that in connection with an immovable property transaction receives and disburses domestic currency or issues an escrow or trust fund check only on behalf of a party to the transaction.
(10) A person engaged in the business of currency transportation who is both a registered motor carrier and a licensed armored car company or courier company, provided that the person does not engage in the money transmission business without a license under this Chapter.
(11) A licensed lender using stored value cards or debit cards or electronic cash for loan disbursement under the Louisiana Consumer Credit Law.
(12) Any other person approved by the commissioner on a finding that the licensing of the person is not necessary to achieve the purposes of this Chapter.
Acts 1966, No. 476, §4. Amended by Acts 1972, No. 160, §1; Acts 1991, No. 812, §1, eff. July 22, 1991; Acts 2001, No. 586, §1, eff. June 22, 2001; Acts 2008, No. 26, §1.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:1035. Qualifications

RS 6:1035 - Qualifications
To qualify for a license hereunder, an applicant shall meet the following requirements:
(1) If application is made for a new license, the applicant shall submit a business plan which includes, at a minimum, anticipated volume for the calendar year, as well as the anticipated number of transmission or selling locations. The commissioner shall determine the required bond for each new licensee, based on the information provided by the applicant; however, in no event shall the bond be less than twenty-five thousand dollars.
(2) To qualify for a new license to transmit money or sell checks or for renewal of a previously issued license, an applicant shall also have a net worth of at least one hundred thousand dollars, computed according to generally accepted accounting principles.
(3) The financial responsibility, financial condition, business experience, character, and general fitness of the applicant shall be such as to reasonably warrant the commissioner to believe that the applicant's business will be conducted honestly, carefully, and efficiently. To the extent that the commissioner deems advisable, he may investigate and consider the qualifications of officers and directors of an applicant in determining whether the applicant qualifies.
Acts 1966, No. 476, §5. Amended by Acts 1972, No. 324, §1; Acts 1989, No. 401, §1, eff. June 30, 1989; Acts 1991, No. 812, §1, eff. July 22, 1991; Acts 2001, No. 586, §1, eff. June 22, 2001.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:1036. Applications

RS 6:1036 - Applications
Each application for a license to transmit money or sell checks shall be made under oath on a form supplied by the commissioner. The application shall state the full name and street address of:
(1) The proprietor, if the applicant is an individual.
(2) Every member, if the applicant is a partnership or association.
(3) The corporation and each officer and director of a corporate applicant.
Acts 1966, No. 476, §6; Amended by Acts 1972, No. 324, §1; Acts 1991, No. 812, §1, eff. July 22, 1991; Acts 2001, No. 586, §1, eff. June 22, 2001.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:1038. Investigation; granting of license

RS 6:1038 - Investigation; granting of license
A. The commissioner shall provide a detailed form which each applicant shall mail, by certified mail, to the commissioner. The commissioner shall, upon receiving the official, completed application which is accompanied by the fee and documents required by R.S. 6:1031 et seq., investigate to ascertain whether the applicant meets the qualifications established by R.S. 6:1031 et seq., for persons to engage in the business of money transmission or selling checks in this state.
B. If the commissioner determines that the applicant meets the requirements of this Chapter, he shall issue the applicant a license to engage in the business of money transmission or selling checks in this state.
Acts 1966, No. 476, §8; Amended by Acts 1972, No. 324, §1; Acts 1991, No. 812, §1, eff. July 22, 1991; Acts 2001, No. 586, §1, eff. June 22, 2001.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:1038.1. Temporary license; expiration; extension

RS 6:1038.1 - Temporary license; expiration; extension
A. The commissioner may issue a temporary license to a person that is engaging in money transmission, but has not obtained a license under this Chapter, if the person:
(1) Certifies in writing that the person qualifies for the license and will submit a completed license application not later than the thirtieth day after the date the temporary license is issued.
(2) Submits a current financial statement acceptable to the commissioner that reflects the minimum net worth required under R.S. 6:1035.
(3) Provides security that meets the requirements of R.S. 6:1037.
(4) Agrees in writing that, until a permanent license is issued, the person will engage only in activities being conducted at existing locations.
(5) Pays the application fee and a nonrefundable temporary license fee in the amount established by regulation.
B. The effective period for a temporary license shall not exceed ninety days from the date the license is issued; however, the commissioner may extend the period for not more than an additional thirty days if necessary to complete the processing of a timely filed application for which approval is likely. Upon the expiration of the temporary license, including an extension provided for in this Subsection, the temporary licensee shall immediately cease money transmission services. No appeal, either administrative or judicial, shall be available to the temporary licensee to extend the term of the temporary license when the term, including an extension, has expired.
Acts 2008, No. 26, §1.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:1039. Maintenance of bond

RS 6:1039 - Maintenance of bond
After a license is granted, the licensee shall maintain its bond in the amount prescribed by R.S. 6:1037. If the commissioner determines at any time that the bond is insecure or deficient in amount, he shall by written order require the filing of a new or supplemental bond; however, such determination and bond requirement shall not be unreasonable, arbitrary, or capricious. If the order is not complied with within thirty days following service by certified mail upon the licensee, the commissioner shall suspend the authority of the licensee to transmit money or sell checks in Louisiana and shall commence proceedings to revoke the license.
Acts 1966, No. 476, §9. Amended by Acts 1972, No. 324, §1; Acts 1989, No. 401, §1, eff. June 30, 1989; Acts 2001, No. 586, §1, eff. June 22, 2001.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:1040. Annual renewal fee; delinquency charge

RS 6:1040 - Annual renewal fee; delinquency charge
A. Each licensee shall pay, as directed by the commissioner, on or before December thirty-first of each year, a renewal license fee of six hundred dollars, plus an additional fee of twenty-five dollars for each licensed transmission or selling location in this state; however, the total renewal fee for any license shall not exceed six thousand dollars, regardless of the number of locations.
B.(1) If the renewal fee is received after December thirty-first, a late penalty equal to one-half of the renewal fee, including the fee for each transmission or selling location, shall be paid as a prerequisite for renewal even though the six thousand dollar maximum is exceeded.
(2) If the commissioner has not received the annual renewal fee and late fee before March first of the following year, the license shall lapse without a hearing or notification and the license shall not be reinstated; however, the person whose license has lapsed may apply for a new license.
C. If payment is made by mail, proof of payment before the delinquency date may be established by sending the renewal fee by certified mail, return receipt requested. A postmark of no later than December thirty-first shall be conclusive proof that timely payment was made.
D. The office of financial institutions shall deposit the license fee check within two business days after it is received, anything to the contrary in R.S. 49:308 or 950 et seq. notwithstanding, whether or not the application is accompanied by all supporting documents required by law to be furnished as a prerequisite to renewal of the license. However, the act of depositing the license fee shall not be construed as granting of a renewal of the license previously issued if the commissioner determines that the applicant has not met the requirements of this Chapter.
Acts 1966, No. 476, §10; Amended by Acts 1972, No. 324, §1; Acts 1985, No. 334, §1, eff. July 9, 1985; Acts 1986, No. 380, §1; Acts 1988, No. 792, §1; Acts 1991, No. 812, §1, eff. July 22, 1991; Acts 1992, No. 65, §1, eff. June 4, 1992; Acts 2001, No. 586, §1, eff. June 22, 2001; Acts 2012, No. 220, §1, eff. May 22, 2012; Acts 2015, No. 319, §1.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:1041. Agents and subagents

RS 6:1041 - Agents and subagents
A. A licensee may conduct his business at one or more locations within this state, as follows:
(1) The business may be conducted through or by means of such agents and subagents as the licensee may from time to time designate or appoint.
(2) No license under this Chapter shall be required of any agent or subagent of a licensee.
B. No licensee shall be required to obtain more than one license under this Chapter regardless of the number of locations within the state at which money is transmitted or checks are sold.
Acts 1966, No. 476, §11; Acts 1986, No. 380, §1; Acts 2001, No. 586, §1, eff. June 22, 2001.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:1042. Liability of licensees

RS 6:1042 - Liability of licensees
Each licensee shall be liable for the payment of all checks which he sells or money he is obligated to transmit, in whatever form and whether directly or through an agent, as the maker or drawer thereof according to the negotiable instrument laws of this state; and a licensee who sells a check or transmits money, whether directly or through an agent, upon which he is not designated as maker or drawer shall nevertheless have the same liabilities with respect thereto as if he had signed same as the drawer thereof.
Acts 1966, No. 476, §12; Acts 2001, No. 586, §1, eff. June 22, 2001.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:1044. Visitation and examination; revocation of license

RS 6:1044 - Visitation and examination; revocation of license
A. The commissioner either in person or through an employee appointed by him, shall visit and examine each licensee or agent on a recurring schedule or at any time whenever, in his judgment, an examination is necessary and expedient. The commissioner may accept an annual report and audit of the affairs of a licensee or agent under this Chapter if it is made by a commissioner of financial institutions or comparable officer of another state, the District of Columbia, or a territory of the United States.
B. The commissioner shall revoke or suspend a license on any ground on which he may refuse to grant a license or for a violation of any provisions of this Chapter.
Acts 1966, No. 476, §14; Amended by Acts 1972, No. 324, §1; Acts 1991, No. 812, §1, eff. July 22, 1991.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:1045. Hearings

RS 6:1045 - Hearings
No license shall be denied or revoked except after a hearing thereon. The commissioner shall give the applicant or licensee at least twenty days' written notice of the time and place of such hearing. The notice shall be by registered or certified mail addressed to the principal place of business of such applicant or licensee. Any order of the commissioner denying or revoking such license shall state the grounds upon which it is based and shall not be effective until twenty days after written notice thereof has been sent by registered or certified mail to the applicant or licensee at such principal place of business.
Acts 1966, No. 476, §15. Amended by Acts 1972, No. 324, §1.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:1046. Penalties

RS 6:1046 - Penalties
A. Any person who directly or through another violates or attempts to violate any provision of this Chapter shall be guilty of a misdemeanor, and shall be fined not less than two hundred and fifty dollars but not more than five hundred dollars, or imprisoned in the parish jail for not more than six months, or both. Each transaction in violation of this Chapter and each day that a violation continues shall be a separate offense.
B. A conviction or plea of guilty, or a finding of guilt after a plea of nolo contendere, shall automatically constitute a revocation of the primary license and all location licenses.
Acts 1966, No. 476, §16; Acts 1988, No. 792, §1.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:1047. Reports

RS 6:1047 - Reports
Each licensee shall file an annual report with the commissioner by March thirty-first for the previous year of money transmission or check-selling operations. The report shall contain:
(1) A complete disclosure of all business activity which it conducted during the previous year in this state.
(2) A financial statement certified by an owner, principal, director, or officer of the licensee.
(3) A list of each location in this state at which money was transmitted or checks were sold by the licensee and its agents during the preceding calendar year.
Added by Acts 1974, No. 212, §1; Acts 1986, No. 380, §1; Acts 1991, No. 812, §1, eff. July 22, 1991; Acts 2001, No. 586, §1, eff. June 22, 2001.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:1048. Trust imposed on sales or transmission proceeds

RS 6:1048 - Trust imposed on sales or transmission proceeds
Agents of licensees shall hold in trust from the moment of receipt the proceeds of a sale or delivery of the licensees' checks or money collected for transmittal. An agent may not commingle the proceeds with his own property or funds, except to use the funds in the ordinary course of its business for the purpose of making change. If any agent of a licensee commingles any proceeds received from the sale of checks issued or money transmitted by the licensee with any other funds or property owned or controlled by the agent, all commingled proceeds and other property shall be considered held in trust in favor of the licensee in an amount equal to the amount of the proceeds due the licensee from the sale of checks or money transmitted less the amount due the agent from the sale or transmission. In the event that a licensee's license is revoked by the commissioner pursuant to R.S. 6:1039, all proceeds then held in trust by agents of that licensee shall be deemed to have been assigned to the commissioner.
Acts 1989, No. 401, §2, eff. June 30, 1989; Acts 2001, No. 586, §1, eff. June 22, 2001.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:1050. Retention of surety bond

RS 6:1050 - Retention of surety bond
The commissioner shall retain the surety bond required by this Chapter until the list required by R.S. 6:1049 has been supplied and thirty days have passed since the financial institution or institutions have been notified in accordance with R.S. 6:1051.
Acts 1990, No. 827, §1.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:1051. Notification of financial institutions; violations; penalties

RS 6:1051 - Notification of financial institutions; violations; penalties
A. When a license is suspended and revoked, the commissioner shall notify the financial institution or institutions of the former licensee that the person is no longer authorized to transmit money or sell checks under the provisions of this Chapter.
B. After such notification, no financial institution shall participate in a transaction with a former or suspended licensee in contravention of the provisions of this Chapter; however, a financial institution may accept deposits of funds into an account of a former or suspended licensee if such account does not have adequate funds to honor all outstanding checks as the term "check" is defined by R.S. 6:1032(1).
C. The commissioner may assess and collect a civil money penalty against a financial institution in an amount not exceeding two hundred and fifty dollars for each transaction in violation of the provisions of this Section.
D. Nothing in this Section shall prevent a financial institution from engaging in a transaction with a former licensee who applies for, receives, and retains a new license in accordance with the provisions of this Chapter.
Acts 1990, No. 827, §1; Acts 2001, No. 586, §1, eff. June 22, 2001.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:1052. Account; verification of license; cancellation; overdrafts

RS 6:1052 - Account; verification of license; cancellation; overdrafts
A. Before any financial institution opens an account for a seller of checks or person who transmits money, which is intended to cover demands made by receivers of checks or money transmitted, it shall require the licensee seeking to open the account to present the license required by R.S. 6:1033, provided that the financial institution has actual knowledge that the person opening the account intends to engage in the sale of checks or money transmission. After being presented the license and before opening such account, the financial institution shall, within seventy-two hours, verify with the commissioner that the license is valid.
B. If the licensee closes any such account, the financial institution shall, within seventy-two hours, notify the commissioner of such closure.
C. If the licensee incurs overdrafts of at least one thousand dollars for a period of five consecutive days, and there is no agreed line of credit with the financial institution to cover these overdrafts, the financial institution shall, within seventy-two hours, notify the commissioner of the amount of such overdrafts.
Acts 1990, No. 807, §1; Acts 2001, No. 586, §1, eff. June 22, 2001.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:1053. Significant developments; licensee's duty to report to commissioner

RS 6:1053 - Significant developments; licensee's duty to report to commissioner
A. It shall be the duty of a licensee to report to the commissioner, by certified mail, the following significant developments within fifteen days of the occurrence:
(1) Filing a petition under either Chapter 7 or Chapter 11 of the United States Bankruptcy Code.
(2) The commencement of any license suspension or revocation proceeding, either administrative or judicial, by any state, the District of Columbia, or any United States territory in which the licensee has been issued a license to transmit money or sell checks.
(3) The indictment of an individual licensee, a partner if the licensee is a partnership, association, or, if the licensee is a corporation, the indictment of an officer or director.
(4) The conviction, guilty plea, or plea of nolo contendere, if the court adjudicates the nolo contendere pleader guilty, of an individual licensee, a partner if the licensee is a partnership, association, or, if the licensee is a corporation, the conviction, guilty plea, or adjudication of guilt of an officer or director.
B. Failure of the licensee to report any significant development enumerated in this Section shall constitute grounds for revocation of the license.
Acts 1991, No. 812, §1, eff. July 22, 1991; Acts 2001, No. 586, §1, eff. June 22, 2001.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:1081. Short title

RS 6:1081 - Short title
This Chapter shall be known and may be cited as the "Louisiana Secure and Fair Enforcement of Mortgage Licensing Act of 2009" or the "Louisiana S.A.F.E. Residential Mortgage Lending Act".
Acts 1999, No. 1098, §1, eff. July 9, 1999; Acts 2009, No. 522, §1, eff. July 31, 2009.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:1082. Purpose

RS 6:1082 - Purpose
The Legislature of Louisiana does hereby declare that it is in the best interest of the citizens of the state to protect consumers in the most important financial investment most will make, the purchase of a home, by requiring the licensing and regulation of residential mortgage lenders, brokers, originators, and servicers. The purpose of this Chapter is to promote the safety and welfare of the people of the state by providing for regulatory oversight and by establishing educational requirements in a professional field in which unqualified individuals may injure or mislead the public.
Acts 1999, No. 1098, §1, eff. July 9, 1999; Acts 2009, No. 522, §1, eff. July 31, 2009; Acts 2014, No. 260, §1, eff. June 30, 2014.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:1084. Prohibition

RS 6:1084 - Prohibition
No person, directly or indirectly, shall engage in a residential mortgage lending activity in this state without complying with the provisions of this Chapter or the rules or regulations promulgated pursuant to this Chapter.
Acts 1999, No. 1098, §1, eff. July 9, 1999.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:1085. Rules and regulations

RS 6:1085 - Rules and regulations
The commissioner shall promulgate rules and regulations in accordance with the Administrative Procedure Act as may be necessary to effectuate the purposes, administration, and enforcement of the provisions of this Chapter.
Acts 1999, No. 1098, §1, eff. July 9, 1999.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:1085.1. Authority of the commissioner to impose continuing education

RS 6:1085.1 - Authority of the commissioner to impose continuing education
In addition to any other authority conferred upon the commissioner by this Chapter, the commissioner may impose a requirement of additional continuing education classes, not to exceed eight hours, on any residential mortgage originator or broker based on a finding by the commissioner that such originator or broker failed to adhere to reasonable standards of professional conduct while engaging in a residential mortgage lending activity that negatively impacted a consumer.
Acts 2022, No. 655, §1.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:1086. Licensure requirement

RS 6:1086 - Licensure requirement
A. Except as otherwise provided in Subsection B of this Section, beginning on July 31, 2009, and unless otherwise exempt pursuant to this Chapter, no person shall engage in any residential mortgage lending activity in this state without first obtaining and maintaining annually the following:
(1) A license and registration as a mortgage loan originator, or a license as a mortgage lender, mortgage broker, or mortgage servicer.
(2) A unique identifier.
B. Until July 31, 2010, the provisions of Subsection A of this Section shall not apply to the following:
(1) A person whose residential mortgage lending activities were not subject to the licensing requirements pursuant to this Chapter on July 30, 2009.
(2) A person engaged in residential mortgage lending activities pursuant to an exemption provided by this Chapter on July 30, 2009.
C. Beginning July 31, 2009, all persons to whom a license was issued and in effect pursuant to this Chapter on July 30, 2009, shall be required to meet all the requirements of this Chapter in order to obtain a renewal of a license issued pursuant to this Chapter.
D. For purposes of Subsection A of this Section, a person shall not be considered to be engaged in residential mortgage lending activity in this state unless that person is regularly engaged in residential mortgage lending activity. This Subsection shall have no effect if the federal Consumer Financial Protection Bureau determines that the provisions of the Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (P.L. 110-289) do not allow an exception from coverage for those not so regularly engaged.
Acts 1999, No. 1098, §1, eff. July 9, 1999; Acts 2003, No. 875, §1; Acts 2009, No. 522, §1, eff. July 31, 2009; Acts 2012, No. 199, §1, eff. May 22, 2012; Acts 2014, No. 260, §1, eff. June 30, 2014.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:1088.1. Licensing system; authorization; fees; required use

RS 6:1088.1 - Licensing system; authorization; fees; required use
A. Consistent with both the public interest and the purposes of this Chapter, the commissioner shall have the authority to take all action regarding the licensing system, in his discretion as he deems necessary and appropriate, including but not limited to all of the following:
(1) Facilitating and participating in the establishment and implementation of the licensing system.
(2) Entering into agreements and contracts including information-sharing agreements.
(3) Contracting with third parties to process, maintain, and store information collected by the licensing system.
(4) Authorizing the licensing system to collect fingerprints on the commissioner's behalf in order to receive criminal history records from the Federal Bureau of Investigation. For purposes of this Section, the commissioner may use the NMLS&R as a channeling agent for requesting information from and distributing information to the Department of Justice or any other governmental agency.
(5) Requiring persons engaged in activities that require licensure by the commissioner to utilize the licensing system and to pay through the licensing system, in addition to those fees provided for in this Section for utilizing the licensing system, all other fees provided for by this Chapter.
(6) Providing information to the licensing system.
(7) Authorizing a third party to collect any fees associated with licensure on behalf of the commissioner.
(8) Notwithstanding any other provision of law to the contrary, sharing any information or material which has been disclosed to the licensing system with any state or federal regulatory agencies having authority over residential mortgage lending activities.
(9) Providing a process whereby a mortgage loan originator may challenge information entered into the NMLS&R regarding that mortgage loan originator.
B. Persons engaged in activities that require licensure pursuant to this Chapter shall be required to pay all applicable fees to utilize the licensing system.
C. After the date the licensing system is available for use, any filing or notification required by the commissioner shall be made through the online licensing system.
D. Notwithstanding any other provision of law to the contrary, the licensing system is not intended to and does not replace or affect the commissioner's authority to grant or deny licenses.
E. Before the end of each fiscal year, the commissioner shall submit the most recent annual report of the NMLS&R's proprietor, the State Regulatory Registry LLC or its successors, to the House Committee on Commerce, the Senate Committee on Commerce, Consumer Protections, and International Affairs, and the division of administration.
Acts 2007, No. 36, §1, eff. June 18, 2007; Acts 2008, No. 225, §1, eff. June 15, 2008; Acts 2008, No. 929, §1, eff. July 15, 2008; Acts 2009, No. 522, §1, eff. July 31, 2009; Acts 2012, No. 220, §1, eff. May 22, 2012.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:1088.2. Application for licensure; application and renewal fees

RS 6:1088.2 - Application for licensure; application and renewal fees
A. The application shall be accompanied by the following nonrefundable fees as determined by and paid as directed by the commissioner:
(1) In the case of an application for a license to act as a mortgage lender, mortgage broker, mortgage servicer, or combination of any, a license fee in an amount not to exceed five hundred dollars.
(2) In the case of an application for a license to act as an originator, a license fee in an amount not to exceed two hundred dollars.
(3) An annual license renewal fee for each person licensed as a mortgage broker, mortgage lender, or mortgage servicer in an amount not to exceed four hundred dollars.
(4) An annual license renewal fee for each originator in an amount not to exceed two hundred dollars.
B. If the applicant has multiple office locations, all such locations may be covered by a single license by including in the license application the address of each office operated by the applicant and the name and license number of the individual licensees engaging in residential mortgage lending activities at that location.
Acts 2009, No. 522, §1, eff. July 31, 2009; Acts 2014, No. 260, §1, eff. June 30, 2014; Acts 2015, No. 324, §1.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:1088.4. Information reporting

RS 6:1088.4 - Information reporting
Notwithstanding any other provision of law to the contrary, except for R.S. 6:103(B)(16), R.S. 6:103(J), and R.S. 6:1088.1, the commissioner shall furnish to the NMLS&R the following:
(1) Information as required by the P.L. 110-289, as amended, including but not limited to, the employment history of and publicly adjudicated disciplinary and enforcement actions and consumer complaints against mortgage loan originators.
(2) Information regarding publicly adjudicated disciplinary and enforcement actions and consumer complaints against mortgage loan brokers or mortgage lenders engaging in activities subject to this Chapter.
(3) Regularly report violations of this Chapter, as well as enforcement actions, and other relevant information to the NMLS&R.
Acts 2009, No. 522, §1, eff. July 31, 2009.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:1089. Name or location changes and closures; fees

RS 6:1089 - Name or location changes and closures; fees
A.(1) No residential mortgage lender, originator, or servicer shall conduct the residential mortgage lending activities provided for in this Chapter under any name other than the one stated in its current record of information in the licensing system.
(2) A residential mortgage lender or servicer shall notify the commissioner of a change in the location or name of the business or the addition of offices by submitting such information to the licensing system prior to the change. A notice of change of location or name or addition of offices shall be accompanied by a filing fee of one hundred dollars.
(3) A residential mortgage lender or servicer shall notify the commissioner of the closing of any office by submitting such information to the licensing system and within thirty days of such closure.
B.(1) Whenever the employment of an originator changes, whether by the originator's action or otherwise, the originator shall give notice of the change of employment to the commissioner by submitting such information to the licensing system within thirty days of such change. The notice shall be accompanied by a filing fee of fifty dollars.
(2) Whenever the employment of an originator employed by a mortgage broker or mortgage lender changes, whether by the originator's change of employment or otherwise, the employer, unless exempted from the provisions of this Part, shall give notice of the change in employment to the commissioner by submitting such information to the licensing system within thirty days of the change.
(3) Failure to notify the commissioner through the NMLS&R within the prescribed time as required by this Section shall result in a one hundred dollar late notification fee.
Acts 1999, No. 1098, §1, eff. July 9, 1999; Acts 2000, 1st Ex. Sess., No. 34, §1, eff. April 14, 2000; Acts 2001, No. 617, §1, eff. June 22, 2001; Acts 2003, No. 875, §1; Acts 2009, No. 522, §1, eff. July 31, 2009; Acts 2014, No. 260, §1, eff. June 30, 2014.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:1092.1. Costs of appeal

RS 6:1092.1 - Costs of appeal
Subject to the provisions of R.S. 13:4521 and 4581, all estimated costs of appeal, including those involved in the preparation of the administrative record of appeal, taken by a person in connection with an adverse ruling of an administrative law judge in connection with a hearing held pursuant to this Chapter and the Administrative Procedure Act, shall be paid by that person within sixty days of the filing of the petition for appeal in the district court. Failure to pay such estimated costs within the time prescribed shall result in the appeal being dismissed with prejudice and without the necessity of any further action being taken by any party.
Acts 2006, No. 237, §1.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:1092.2. Validity of judgment; execution

RS 6:1092.2 - Validity of judgment; execution
Any final and definitive decision of an administrative law judge or, in the case such decision is appealed, a final judgment of an appellate court, issued in connection with any hearing held pursuant to this Chapter and the Administrative Procedure Act shall be considered a valid and final judgment that may be made executory in accordance with the Code of Civil Procedure.
Acts 2006, No. 237, §1; Acts 2009, No. 522, §1, eff. July 31, 2009.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:1094.1. Testing of loan originators

RS 6:1094.1 - Testing of loan originators
A. In order to meet the written test requirement pursuant to R.S. 6:1088, an individual shall pass, in accordance with the standards established under this Section, a qualified written test developed by the Nationwide Mortgage Licensing System and Registry and administered by a test provider approved by the NMLS&R.
B. A written test shall not be treated as a qualified written test for purposes of this Section unless the test adequately measures the applicant’s knowledge and comprehension in appropriate subject areas, including all of the following:
(1) Ethics.
(2) Federal law and regulations pertaining to mortgage origination.
(3) Louisiana law and regulations pertaining to mortgage origination.
(4) Federal and Louisiana law and regulations, including instruction on fraud, consumer protection, the non-traditional mortgage marketplace, and fair lending issues.
C. Nothing in this Section shall prohibit a test provider approved by the NMLS&R from providing a test at the location of the employer of the applicant or any subsidiary or affiliate of the employer of the applicant, or any entity with which the applicant holds an exclusive arrangement to conduct the business of a mortgage loan originator.
D.(1) An individual shall not be considered to have passed a qualified written test unless the individual achieves a test score of not less than seventy-five percent correct answers to questions.
(2) An individual may retake a test three consecutive times with each consecutive taking occurring at least thirty days after the preceding test.
(3) After failing three consecutive tests, an individual shall wait at least six months before taking the test again.
(4) A licensed mortgage loan originator who fails to maintain a valid license for a period of five years or longer shall retake the test, not taking into account any time during which such individual is a registered mortgage loan originator.
Acts 2009, No. 522, §1, eff. July 31, 2009.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:1095. Scope

RS 6:1095 - Scope
A.(1) The provisions of this Part shall govern and control the rates, fees, charges, and disclosures applicable to residential mortgage loans.
(2) Repealed by Acts 2001, No. 617, §3, eff. June 22, 2001.
B. All fees and charges authorized under this Part, whether or not such fees and charges constitute or are considered to be loan finance charges, shall be deemed to be material to the determination of the interest rate for purposes of exportation to borrowers residing in other states under the most favored lender doctrine of federal law.
C. As a general rule of construction, comparable rules, definitions, and principles under the Federal Real Estate Settlement Procedures Act and Regulation X of the office of the secretary of the Department of Housing and Urban Development, the Federal Truth in Lending Act, and Regulation Z of the Board of Governors of the Federal Reserve System may be looked to for guidance in further interpreting terms and concepts that are not otherwise defined or specified in the provisions of this Part. Fees and charges that are not classified as or considered as finance charges under the Federal Truth in Lending Act and Regulation Z are not considered to be loan finance charges for the purposes of this Part.
D. This Part shall not prohibit the imposition of fees and charges which are otherwise permissible under R.S. 6:548.
Acts 1999, No. 1098, §1, eff. July 9, 1999; Acts 2000, 1st Ex. Sess., No. 34, §1, eff. April 14, 2000; Acts 2001, No. 617, §3, eff. June 22, 2001.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:1098. Residential mortgage loan brokerage contracts

RS 6:1098 - Residential mortgage loan brokerage contracts
A. Each residential mortgage loan brokerage contract shall be in writing and signed by all contracting parties. The mortgage broker shall retain a signed copy of the residential mortgage loan brokerage contract in the customer's file.
B. The mortgage broker must provide the prospective borrower with a written "Mortgage Loan Origination Agreement" no later than three days after the initial loan application date. The written agreement shall describe the nature of the mortgage broker's relationship with the borrower and the manner in which the mortgage broker is compensated for his services. Such disclosures may be incorporated into the brokerage contract or provided in a separate document.
C. The written disclosures provided to the borrower shall also contain the following information as applicable:
(1) The name, address, telephone number, and if applicable, the unique identifier of the originator.
(2) The name, address, telephone number, and if applicable, the unique identifier of the residential mortgage lender by whom the originator is employed.
D. Failure of the mortgage broker to provide the disclosures required by this Section shall not invalidate any residential mortgage loan entered into by a consumer through the efforts of the mortgage broker, but shall subject the mortgage broker to a refund of any brokerage fees obtained in connection with such residential mortgage loan.
Acts 1999, No. 1098, §1, eff. July 9, 1999; Acts 2001, No. 617, §1, eff. June 22, 2001; Acts 2009, No. 522, §1, eff. July 31, 2009.