Louisiana Expands Collection Of Data From Licensed Consumer Lenders

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On May 28, Louisiana Governor Bobby Jindal signed SB 241, which expands the information and data the Commissioner of Financial Institutions can collect from licensed non-mortgage consumer lenders. Effective August  1, 2014, the Commissioner is authorized to collect from all such licensees information concerning the operation, function, and extent of all consumer loan activities, including: (i) the total number and dollar amount of consumer loans originated; (ii) the total number and dollar amount of consumer loans outstanding; (iii) the aggregate amount of fees earned including interest, service charges, late fees, origination fees, documentation fees, and insufficient funds fees; (iv) the total number of consumer loans in default or collection status and the balance of those loans as of the reporting date; and (v) the total number of consumer loans reduced to judgment and the principal amount of those judgments. Licensed companies will be required to report this information by March 1 of each year for the prior calendar year.

 

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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