2011 Legislation Summary

The following two bills are OFI bills and they apply to all non-depository entities:

Act 136 (SB 87) effective August 15, 2011, authorizes the commissioner to disclose records of the Office of Financial Institutions, other than criminal history records, concerning any person subject its jurisdiction when such records are requested by another state or federal agency having authority to license or investigate such entity or person.

Act 10 (HB 144) effective August 15, 2011, provides the commissioner authority to take action regarding the utilization of an electronic database licensing system or systems with respect to any person subject to licensure but does not include financial institutions as defined in R.S. 6:2(8).


The following bills are not OFI bills:

Act 115 (HB 607) is effective August 15, 2011 and applies to Licensed lenders
 The bill authorizes lenders to charge an electronic lien and title (E.L.T.) fee for services performed by public licensed tag agents.

Act 358 (HB 445) effective August 15, 2011 amends the Additional Default Remedies Act and applies to Repossession Agencies and their Agents
 The bill eliminates the requirements for the repossession agent to obtain a copy of the notice sent by the secured party to the debtor regarding the right of the secured party to take possession of the collateral without further notice or judicial process.

For more information regarding these legislative acts and how they may affect you/your employees, please contact Deputy Chief Examiner John Braud at (225) 925-7762.

These are merely highlights of the bills for information purposes and are not official interpretations or opinions.  Please visit www.legis.louisiana.gov to review the entirety of the Acts.