Louisiana Revised Statutes 9:3559.1 – Regulation of former licensees
Terms Used In Louisiana Revised Statutes 9:3559.1
- Commissioner: means the commissioner of financial institutions. See Louisiana Revised Statutes 9:3516
- Consumer: means a natural person who purchases goods, services, or movable or immovable property or rights therein, for a personal, family, or household purpose and includes a purchaser or buyer in a consumer credit sale or transaction made with the use of a seller credit card or otherwise, or a borrower or debtor in a consumer loan, revolving loan account, or a lender credit card. See Louisiana Revised Statutes 9:3516
- Enrolled bill: The final copy of a bill or joint resolution which has passed both chambers in identical form. It is printed on parchment paper, signed by appropriate officials, and submitted to the President/Governor for signature.
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Licensed lender: means a person licensed by the commissioner to make consumer loans pursuant to this Chapter. See Louisiana Revised Statutes 9:3516
A. A licensed lender whose license has been revoked, suspended, or canceled may, with the prior written consent of the commissioner, continue to collect payments on or enforce such loans without a license so long as it complies with each of the following:
(1) The record keeping requirements for licensed lenders.
(2) All other provisions of this Chapter.
(3) Pays the commissioner’s costs for conducting compliance examinations or investigations of its records.
(4) The terms of any valid order of the commissioner or of a court relative to provisions of this Chapter.
(5) All consent agreements entered into with the commissioner.
B. The commissioner may require such unlicensed persons to enter into a consent agreement containing the provisions of this Section* and may require additional restrictions and conditions therein, as determined by the commissioner, as a condition to the former licensee’s continued collection or enforcement of consumer loans.
C. The commissioner may assess civil money penalties of up to one thousand dollars per violation for violations of this Section. Such penalties may be recovered by the commissioner in a civil action brought in a court of competent jurisdiction, together with reasonable attorney fees and costs incurred in bringing such action.
Acts 1992, No. 148, §1, eff. June 5, 1992.
*AS APPEARS IN ENROLLED BILL.