Regulatory Alerts2015-04-20
Lender Education Rule
The Louisiana Office of Financial Institutions mandates annual education for lender personnel engaged in deferred presentment transactions and small loans to ensure compliance with state credit laws. Licensees must deliver electronically provided training materials covering fee caps, prohibited acts, and extended payment plans to existing staff by January 1 each year and to new hires within their first month. The rule further requires licensees to maintain minimum compliance records and subjects them to civil money penalties for noncompliance.
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