La. Admin. Code tit. 10 § XI-1105

Current through Register Vol. 50, No. 11, November 20, 2024

Section XI-1105 - Required Education

A. Each person shall provide education to all lender personnel annually no later than January 1 of each year and to all new lender personnel within the first month upon attainment of this status or designation and each calendar year thereafter no later than January 1. The education material to be utilized by the person shall be provided to persons by the commissioner electronically, through email transmissions, the website of the Office of Financial Institutions, or otherwise, as deemed appropriate by the commissioner. Such education shall consist of certain elements related to compliance with the LCCL, LDPSLA, and this Chapter, including but not limited to, those items enumerated in Subsection B below.

B. Elements:

1. all fees and charges allowed in connection with, and limitations pertaining to deferred presentment transactions and small loans, specifically the education shall include instruction regarding the 16.75 percent maximum fee limitation and $45 cap, the documentation fee limitation, the default interest limitation for one year and beginning one year after contractual maturity, the delinquency fee limitation, and that no other fees or charges are allowable;

2. all rebates provided for in connection with deferred presentment transactions and small loans;

3. all prohibited acts specified in R.S. 9:3578.6 of the LDPSLA;

4. provisions of Acts 2014, No. 636 of the Louisiana Legislature, regarding deferred presentment transactions and small loans, and specifically those provisions regarding the repeal of the one-time delinquency charge authorized by R.S. 9:3527(A)(1), and the extended payment plan provision contained in R.S. 9:3578.4.1, and limitations in connection with the same; and

5. any other educational information provided to the person by the commissioner subsequently, electronically, through email transmissions, the website of the Office of Financial Institutions, or otherwise, and determined by the commissioner to be related to persons engaging in the business of making deferred presentment transactions and small loans.

La. Admin. Code tit. 10, § XI-1105

Promulgated by the Office of the Governor, Office of Financial Institutions, LR 41537 (3/1/2015).

AUTHORITY NOTE: Promulgated in accordance with R.S. 49:950 et seq., R.S. 9:3554(A)(5), R.S. 9:3554(B), and R.S. 9:3578.8(A) and (B).