Regulatory Alerts2014-07-29
Repossession Agents Rule (LAC 10:XV.1301-1321)
The Louisiana Office of Financial Institutions promulgates this rule to establish comprehensive licensing, financial, and operational standards for repossession agencies, qualifying agents, licensed agents, and apprentices. The regulation mandates specific eligibility criteria including age, residency, character, felony history, and experience, while requiring agencies to maintain a $1 million surety bond and comprehensive liability insurance. It further outlines annual renewal procedures, change of control notifications, standardized fee schedules, and strict conduct requirements such as immediate law enforcement notification and proper documentation during collateral recovery.
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