This section exempts several categories of persons from consumer loan licensing requirements and gives the commissioner power to waive, review, or accept reports in some cases.
§3560. Licenses not required A. Notwithstanding R.S. 9:3557, the following persons are exempt from the consumer loan licensing requirements under this Part: (1)(a) A bank, savings bank, savings and loan association, or similar financial institution organized, certified, and supervised, or chartered, by an agency of the United States of America, the state of Louisiana, any other state or territory of the United States of America, or the District of Columbia pursuant to the banking, currency, and related laws of the United States of America, the state of Louisiana, any other state or territory of the United States of America, or the District of Columbia. (b) A subsidiary of any state-chartered or federally chartered entity described in Subparagraph (a) of this Paragraph in which eighty percent or more of the ownership rests with such parent entity. (2) A trust administered by a bank or a bank trust department. (3) A governmental agency, instrumentality, or public entity organized by act of congress or the Legislature of Louisiana. (4) An insurance company when entering into a life insurance loan to a policyholder. (5) A qualified pension plan when entering into an extension of credit to a plan participant. (6) A bona fide pledgee of a consumer credit transaction to secure a bona fide loan thereon. (7) A seller or other creditor refinancing a retail installment transaction subject to the Motor Vehicle Sales Finance Act. (8) Unless otherwise provided by rule or regulation of the commissioner, persons whose lending activities pertain to federally related mortgage loans, and who are subject to licensing, supervision or auditing by the Federal National Mortgage Association, the Federal Home Loan Mortgage Corporation, the Government National Mortgage Association, the United States Department of Veterans Affairs, or the United States Department of Housing and Urban Development. Such lenders may also make loans secured by a second or junior lien or mortgage on owner-occupied one-to-four family residential immovable property made contemporaneously with federally related mortgage loans or as part of a mortgage revenue bond loan program, or sold on the secondary market to the Federal National Mortgage Association, the Federal Home Loan Mortgage Corporation, or the Government National Mortgage Association, and the entity sells ten or fewer of such loans over any calendar year. (9) Repealed by Acts 2014, No. 636, §2, eff. Jan. 1, 2015. (10) Repealed by Acts 2009, No. 522, §3, eff. July 31, 2009. B. The commissioner is authorized to waive the consumer loan licensing and examination requirements for a subsidiary of an entity as described in Subparagraph (A)(1)(a) of this Section where the holding company thereof has one or more state-chartered subsidiaries. In lieu of such licensure and examination, the commissioner may review relevant reports or portions thereof prepared by any subsidiary agency described in Subparagraph (A)(1)(a) of this Section. C. The commissioner may enter into a supervisory agreement with any supervisory agency described in Subparagraph (A)(1)(a) of this Section where such supervisory agency agrees to periodically examine the entity which is subject to its jurisdiction for compliance with this Chapter. Where such an agreement has been entered into, the commissioner may accept relevant reports or portions thereof prepared by such supervisory agency in lieu of the licensing and examination requirements of this Chapter. Added by Acts 1972, No. 454, §1, eff. Jan. 1, 1973; Acts 1986, No. 584, §1, eff. July 2, 1986; Acts 1988, No. 629, §1; Acts 1995, No. 1184, §2; Acts 1997, No. 1432, §1; Acts 2000, 1st Ex. Sess., No. 34, §2, eff. April 14, 2000; Acts 2001, No. 617, §2, eff. June 22, 2001; Acts 2009, No. 522, §3, eff. July 31, 2009; Acts 2014, No. 636, §§1, 2, eff. Jan. 1, 2015; Acts 2016, No. 48, §1.