Louisiana Revised Statutes 9:3578.8 – Powers of the commissioner; adoption of rules and regulations
Terms Used In Louisiana Revised Statutes 9:3578.8
- Commissioner: means the commissioner of the office of financial institutions. See Louisiana Revised Statutes 9:3578.3
- Licensee: means a person licensed pursuant to this Chapter that offers deferred presentment transactions or small loans, or both. See Louisiana Revised Statutes 9:3578.3
- Small loan: means a consumer loan, as defined in Louisiana Revised Statutes 9:3578.3
A. The commissioner may apply the provisions of Parts I, VII, VIII, IX, and X of Chapter 2 of this Code Title, the Louisiana Consumer Credit Law, for purposes of administering and regulating the activities of licensees and the provisions of this Chapter.
B. The commissioner may adopt rules and regulations as he deems necessary to implement the purposes and provisions of this Chapter.
C.(1) Beginning January 1, 2013, for a period of one year, the commissioner shall collect and compile information and data from licensees concerning the operation, function, and customers of deferred presentment transactions and small loan businesses.
(2) The information and data collected by the commissioner from a licensee shall include but not be limited to the following:
(a) The number of deferred presentment transactions and small loans issued quarterly.
(b) The fees collected quarterly on deferred presentment transactions and small loans.
(c) The location of the licensee’s business.
(d) The number of checks returned unpaid for any reason and the amount of the fee charged by the licensee for such checks.
D. The commissioner shall compile and submit to the legislature, in an aggregate format, the information and data collected by April 1, 2014.
Acts 1999, No. 1315, §§1, 2, eff. Jan. 1, 2000; Acts 2012, No. 234, §1.