Title 6, Banks and Banking
0 chapters · 809 sections in this title.
La. Rev. Stat. § 6:1082 Purpose
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§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 reside…
La. Rev. Stat. § 6:1083 Definitions
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§1083. Definitions As used in this Chapter: (1) "Commissioner" means the commissioner of the office of financial institutions. (2) "Consumer" means a natural person who enters into or seeks to enter into a residential loan transaction for a personal, family, or household purpose.…
La. Rev. Stat. § 6:1084 Prohibition
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§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…
La. Rev. Stat. § 6:1085 Rules and regulations
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§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…
La. Rev. Stat. § 6:1085.1 Authority of the commissioner to impose continuing education
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§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 reside…
La. Rev. Stat. § 6:1086 Licensure requirement
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§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 obtainin…
La. Rev. Stat. § 6:1087 Exemptions; annual registration statement; fees
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§1087. Exemptions; annual registration statement; fees A. Any person authorized to engage in business as a credit union under the laws of the United States, any state or territory of the United States, or the District of Columbia, and any subsidiary of such person, and the employ…
La. Rev. Stat. § 6:1088 Application for licensure; surety bond
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§1088. Application for licensure; surety bond A. An application for a license under this Chapter shall be made under oath and on a form prescribed by the commissioner. The commissioner may grant restricted or conditional licenses. Each license shall expire on December thirty-firs…
La. Rev. Stat. § 6:1088.1 Licensing system; authorization; fees; required use
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§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 appr…
La. Rev. Stat. § 6:1088.2 Application for licensure; application and renewal fees
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§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, mor…
La. Rev. Stat. § 6:1088.3 Application for renewal of license; restriction; late renewal fees
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§1088.3. Application for renewal of license; restriction; late renewal fees A.(1) Each person licensed as a mortgage broker, mortgage lender, or mortgage servicer shall submit an annual license renewal application on or before December thirty-first of each year in a manner and fo…
La. Rev. Stat. § 6:1088.4 Information reporting
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§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, incl…
La. Rev. Stat. § 6:1089 Name or location changes and closures; fees
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§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…
La. Rev. Stat. § 6:1090 Restrictions
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§1090. Restrictions A. No license issued pursuant to this Chapter shall be sold or otherwise transferred. B.(1) No person shall acquire or control a license to make, service, or broker residential mortgage loans through the acquisition or control of fifty-one percent or more of t…
La. Rev. Stat. § 6:1091 Recordkeeping and retention; examinations; investigation of complaints; reports of conditions
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§1091. Recordkeeping and retention; examinations; investigation of complaints; reports of conditions A.(1) Each person required to be licensed under this Chapter shall maintain in its offices such books, records, and accounts of its residential mortgage lending activities as the …
La. Rev. Stat. § 6:1092 Suspension and revocation of licensure; commissioner's interpretations; prohibitions
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§1092. Suspension and revocation of licensure; commissioner's interpretations; prohibitions A. After notice and an opportunity to be heard as provided in the Administrative Procedure Act, the commissioner may suspend or revoke the license of any person licensed pursuant to this C…
La. Rev. Stat. § 6:1092.1 Costs of appeal
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§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…
La. Rev. Stat. § 6:1092.2 Validity of judgment; execution
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§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 …
La. Rev. Stat. § 6:1093 Repealed by Acts 2010, No
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§1093. Repealed by Acts 2010, No. 743, §22B, eff. July 1, 2010.
La. Rev. Stat. § 6:1094 Professional education required for licensure; continuing education
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§1094. Professional education required for licensure; continuing education A.(1) In order to meet the pre-licensing education requirements pursuant to R.S. 6:1088, a person shall complete at least twenty hours of education approved in accordance with this Section, which shall inc…
La. Rev. Stat. § 6:1094.1 Testing of loan originators
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§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…
La. Rev. Stat. § 6:1095 Scope
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§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 n…
La. Rev. Stat. § 6:1096 Residential mortgage loans
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§1096. Residential mortgage loans A. Any consumer who has contracted for a federally related mortgage loan may agree to pay fees and interest in excess of the maximum amounts authorized by the laws of this state and as such shall be prohibited from asserting a claim or defense of…
La. Rev. Stat. § 6:1097 Residential mortgage loan fees and charges; applicability of the Louisiana Consumer Credit Law
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§1097. Residential mortgage loan fees and charges; applicability of the Louisiana Consumer Credit Law A. Notwithstanding any other law to the contrary, including but not limited to R.S. 9:3500, in addition to those fees, charges, costs, and expenses not considered interest or def…
La. Rev. Stat. § 6:1098 Residential mortgage loan brokerage contracts
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§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'…
La. Rev. Stat. § 6:1099 Criminal penalties
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§1099. Criminal penalties A. The commissioner may report the violations of the following provisions to the attorney general or to the district attorney of the appropriate parish, who may institute the proper proceedings. B. It shall be a misdemeanor for a mortgage broker or lende…
La. Rev. Stat. § 6:1101 Reverse mortgages; requirements
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§1101. Reverse mortgages; requirements A. A reverse mortgage loan shall comply with all of the following requirements: (1) Prepayment, in whole or in part, shall be permitted without penalty at any time during the term of the reverse mortgage loan. For the purposes of this Sectio…
La. Rev. Stat. § 6:1102 Counseling
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§1102. Counseling A.(1) Prior to accepting a final and complete application for a conventional reverse mortgage loan or assessing any fees, a reverse mortgage lender shall provide the prospective borrower with a list of at least five nonprofit counseling agencies that have been a…
La. Rev. Stat. § 6:1103 Commitment and cooling off period
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§1103. Commitment and cooling off period In connection with a conventional reverse mortgage loan, at least seven calendar days prior to closing a reverse mortgage loan, a reverse mortgage lender shall provide the borrower with a loan term sheet or commitment letter outlining the …
La. Rev. Stat. § 6:1104 Reverse mortgage lender; duties to elders
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§1104. Reverse mortgage lender; duties to elders A. In addition to any other obligation under law, any reverse mortgage lender who offers, sells, or arranges the sale of a reverse mortgage to an elder, shall provide the elder with a notice that the elder should discuss the items …
La. Rev. Stat. § 6:1111 Approval by commissioner of rules and regulations affecting financial institutions
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§1111. Approval by commissioner of rules and regulations affecting financial institutions A rule, regulation, order, or administrative directive issued by a state or federal official, agency, or entity which is intended to be applicable to banks, banking associations, bank holdin…
La. Rev. Stat. § 6:1121 Definitions
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§1121. Definitions For purposes of this Chapter, the following terms shall have the following meanings: (1) "Credit agreement" means an agreement to lend or forbear repayment of money or goods or to otherwise extend credit, or make any other financial accommodation. (2) "Creditor…
La. Rev. Stat. § 6:1122 Credit agreements to be in writing
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§1122. Credit agreements to be in writing A debtor shall not maintain an action on a credit agreement unless the agreement is in writing, expresses consideration, sets forth the relevant terms and conditions, and is signed by the creditor and the debtor. Acts 1989, No. 531, §1.
La. Rev. Stat. § 6:1122.1 Defenses to written credit agreements
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§1122.1. Defenses to written credit agreements A.(1) In an action by a creditor, the debtor shall not assert a defense based on the terms and conditions of a credit agreement, unless the agreement is in writing, expresses conditions, sets forth the relevant terms and conditions, …
La. Rev. Stat. § 6:1123 Actions not considered agreements
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§1123. Actions not considered agreements A. The following actions shall not give rise to a claim that a new credit agreement is created, unless the agreement satisfies the requirements of R.S. 6:1122: (1) The rendering of financial or other advice by a creditor to a debtor. (2) T…
La. Rev. Stat. § 6:1124 No implied fiduciary obligations
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§1124. No implied fiduciary obligations No financial institution or officer or employee thereof shall be deemed or implied to be acting as a fiduciary, or have a fiduciary obligation or responsibility to its customers or to third parties other than shareholders of the institution…
La. Rev. Stat. § 6:1125 §§1125 to 1127 Repealed by Acts 1981, No
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§1125. §§1125 to 1127 Repealed by Acts 1981, No. 873, §4, eff. Oct. 1, 1981.
La. Rev. Stat. § 6:1131 Title
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§1131. Title This Chapter shall be known as the "Louisiana Savings Bank Act of 1990". Acts 1990, No. 816, §1, eff. Sept. 1, 1990.
La. Rev. Stat. § 6:1132 Policy and purposes
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§1132. Policy and purposes A. The purpose of this Chapter is to provide for the chartering, regulation, and supervision of savings banks. The policy of this Chapter is: to encourage growth of the personal savings base of the citizens of Louisiana; to promote and assist their stoc…
La. Rev. Stat. § 6:1133 Administration
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§1133. Administration This Chapter shall be administered by the commissioner of financial institutions under the authority granted to him by Chapter 2 of Title 6 of the Louisiana Revised Statutes of 1950. Acts 1990, No. 816, §1, eff. Sept. 1, 1990.
La. Rev. Stat. § 6:1134 Applicability
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§1134. Applicability This Chapter shall apply to all financial institutions, no matter how named or chartered, if they comply with the provisions of this Chapter and with the rules of the commissioner promulgated pursuant to this Chapter. Acts 1990, No. 816, §1, eff. Sept. 1, 199…
La. Rev. Stat. § 6:1135 Federal deposit insurance
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§1135. Federal deposit insurance Any savings bank chartered under the supervision of this Chapter shall obtain and maintain federal deposit insurance of accounts through an insurance corporation created by an Act of Congress. Acts 1990, No. 816, §1, eff. Sept. 1, 1990.
La. Rev. Stat. § 6:1136 Powers; parity with other financial institutions
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§1136. Powers; parity with other financial institutions A. Subject to the regulation of the commissioner and in addition to the powers granted by this Chapter, each savings bank operating under this Chapter shall possess all of the powers of a savings and loan association operati…
La. Rev. Stat. § 6:1137 Definitions
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§1137. Definitions A. "Appraisal" means a professionally derived, written conclusion of value of the present worth of specified interests or rights in a specific piece of real property, which conclusion is supported by stipulated market conditions and explicitly stated assumption…
La. Rev. Stat. § 6:1138 General corporate powers
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§1138. General corporate powers A. A savings bank may be organized to exercise the powers provided in this Chapter and such other general powers as are appropriate to its purpose. B. A savings bank shall, without specific mention thereof in its articles of incorporation, have all…
La. Rev. Stat. § 6:1139 Specific powers
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§1139. Specific powers A. In addition to the general corporate powers conferred in R.S. 6:1138 and the powers conferred by other provisions of the laws of this state, a savings bank shall have the following powers and those incidental to the exercise of these powers: (1) To recei…
La. Rev. Stat. § 6:1140 Status as an IRS qualified savings banks institution
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§1140. Status as an IRS qualified savings banks institution All insured savings banks under the supervision of this Chapter shall qualify for and maintain the sixty percent asset test of the Internal Revenue Code of 1968 and any amendments thereto. Acts 1990, No. 816, §1, eff. Se…
La. Rev. Stat. § 6:1141 Regulatory powers; promulgation of rules and regulations
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§1141. Regulatory powers; promulgation of rules and regulations A. The commissioner of financial institutions shall have the power to enact and promulgate rules and regulations as may be necessary or appropriate to implement the provisions of this Chapter. When making rules and r…
La. Rev. Stat. § 6:1142 Safety deposit boxes and safekeeping
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§1142. Safety deposit boxes and safekeeping The provisions of R.S. 6:321 through 328 relative to safety deposit boxes and safekeeping shall be applicable to savings banks chartered under the provisions of the Louisiana Savings Bank Act of 1990 in the same manner as they are appli…
La. Rev. Stat. § 6:1151 Definitions
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§1151. Definitions A. "Savings bank holding company" means any stock or mutual company which directly or indirectly or acting in concert with one or more other persons or through one or more subsidiaries, owns, controls, holds with power to vote, or holds proxies representing mor…