Regulatory Alerts2010-03-30
RML Expired License Reinstatement Procedure Rule
The Louisiana Commissioner of Financial Institutions has approved the repeal of Administrative Code rule LAC 10:XII.301, which governed the reinstatement of expired residential mortgage lending licenses. This action eliminates an obsolete administrative procedure because the underlying statutory framework governing license reinstatement was recently amended. Consequently, license holders are no longer bound by the former reinstatement requirements, aligning administrative practice with the updated Residential Mortgage Lending Act.
RULE Office of the Governor Office of Financial Institutions Expired License Reinstatement Procedure (LAC 10:XII.301) In accordance with R.S. 49:950 et seq., of the Administrative Procedure Act, the Commissioner of the Office of Financial Institutions has approved for advertisement the repeal of Louisiana Administrative Code, LAC 10:XII.301, regarding the reinstatement of licenses issued pursuant to the Residential Mortgage Lending Act. This action is being effectuated because the statute pertaining to reinstatement of said licenses has been amended. Thus the rule is rendered obsolete and no longer necessary. Title 10 FINANCIAL INSTITUTIONS, CONSUMER CREDIT, INVESTMENT SECURITIES AND UCC Part XII. Residential Mortgage Lending Act Chapter 3. Residential Mortgage Lending Licenses §301. Expired License Reinstatement Procedure Repealed. AUTHORITY NOTE: Promulgated in accordance with R.S. 6:121 and 6:1085. HISTORICAL NOTE: Promulgated by the Office of the Governor, Office of Financial Institutions, LR 31:2893 (November 2005), amended LR 34:2563 (December 2008), repealed LR 36:316 (February 2010). John Ducrest, CPA Commissioner 1002#043