Notification Filers

(Consumer Credit Sales)

The Non-Depository Division of the Office of Financial Institutions regulates the filing by those business entities engaged in consumer credit sales operating within the state of Louisiana which are required to file notification documentation with the commissioner.  This applies to “a person engaged in this state in making consumer credit sales or consumer loans and to a person who takes assignments of and undertakes direct collection of payments from or enforcement of rights against debtors arising from these sales or loans.”

The notification fee for each entity engaged in making consumer credit sales shall be based upon the entity’s preceding calendar year consumer credit sales total; the fee ranges from $75 to $750.

Each entity that takes assignment and undertakes direct collection of payments from or enforcement or rights against debtors arising from consumer credit sales or loans shall pay $75.

Each branch or location of a business shall be considered a separate entity requiring notification filing.

The filing period runs from April 1st to March 31st annually.  Penalties are assessed for late filings.

This filing does not apply to the following:

  1. A licensed lender or to any person whose only act of extending credit is the making of a sale to a consumer by honoring a credit card issued by a supervised financial organization subject to regulation, supervision, or auditing by any state or federal agency, and the seller retains neither an interest in the extension of the credit nor right of recourse against the buyer in the event of nonpayment of the account.
  2. A bank, savings and loan association, savings bank, or credit union.

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