§ 9:3560 — Licenses not required

§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(9) Repealed by Acts 2014, No. 636, §2, eff.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.

Legislative History

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.