2006 Louisiana Laws - RS 6:1087 — Exemptions; annual registration statement; fees

§1087.  Exemptions; annual registration statement; fees

A.  Any person authorized to engage in business as a credit union under the laws of the United States, any state or territory of the United States, or the District of Columbia, and any subsidiary of such person, and the employees of such person, shall be exempt from the provisions of this Chapter.

B.  The following employers and their employees shall be exempt from the provisions of this Part:

(1)  Any person authorized to engage in business as a bank, savings bank, or savings and loan association under the laws of the United States, any state or territory of the United States, or the District of Columbia, and any direct or indirect subsidiaries of such entities, who are subject to general supervision and regulation, or audit or examination, by a regulatory body or agency of the United States, any state or territory of the United States, or the District of Columbia, and the employees of such persons, including those acting as originators and their exclusive agents under written agreement.

(2)  Any attorney licensed to practice law when such attorney is not actively engaged in the business of making or brokering residential mortgage loans and the residential mortgage lending activity is incidental to providing legal services.

(3)  Any nonprofit corporation exempt from federal taxation under Section 501(c) of the Internal Revenue Code making residential mortgage loans to promote home ownership or home improvements for the disadvantaged.

(4)  Any agency of the federal government, or a state or municipal government, or any quasi governmental agency making residential mortgage loans under the specific authority of the laws of any state or the United States.

(5)  Any person acting as a fiduciary with respect to any employee pension benefit plan qualified under the Internal Revenue  Code who makes residential mortgage loans solely to plan participants from plan assets.

(6)  Any real estate investment trust.

(7)  Any person acting in a fiduciary capacity conferred by the authority of any court.

(8)  Any person licensed as a small business investment company by the United States Small Business Administration.

(9)  Any mortgagee in a residential loan transaction in which the mortgagee is the former owner of the residential immovable property.

(10)  Repealed by Acts 2005, No. 235, §2.

(11)  Any insurance company authorized by the insurance commissioner of this state or any other state and any resident or nonresident insurance agent who holds an unexpired agent license under Title 22 of the Louisiana Revised Statutes of 1950 who brokers loans exclusively to an insurer.

(12)  Any person authorized to engage in business as a licensed lender under the provisions of the Louisiana Consumer Credit Law, R.S. 9:3510 et seq., whose gross revenue from loans subject to the Louisiana Consumer Credit Law exceeds fifty percent of the licensee's gross revenue; however, such persons shall remain subject to the examination and enforcement provisions of R.S. 6:1091 and 1092 for those loans subject to R.S. 6:1081 et seq.

C.(1)  Employees and the exclusive agents under written agreement of any person licensed pursuant to this Part which is a direct or indirect subsidiary of a financial or bank holding company, savings bank holding company, or thrift holding company, shall be exempt from the licensure and continuing education provisions of this Part.

(2)  Any person exempt from licensure under Subsection B shall engage in residential mortgage lending activities only through natural persons who are licensed as a mortgage broker, mortgage lender, or originator, or who are registered according to the provisions of this Chapter, or who are exempt from the provisions of this Part.

D.  Repealed by Acts 2003, No. 875, §2.

E.  The commissioner may promulgate regulations authorizing the licensure and license renewal of persons otherwise exempt from licensure under this Part who wish to be licensed as provided in this Part.  The regulations shall establish the conditions under which exempt persons may obtain licensure and the effects of such licensure, including but not limited to the extent of the examination and enforcement authority of the commissioner over such persons, but in no event shall the professional education requirements be less than those applicable to licensees generally.

F.  Pursuant to regulations adopted by the commissioner, no residential mortgage lender shall enter into a residential mortgage lending transaction with a person who is not in compliance with the licensing provisions of this Chapter as a mortgage broker, mortgage lender, or originator.

Acts 1999, No. 1098, §1, eff. July 9, 1999; Acts 2000, 1st Ex. Sess., No. 34, §1, eff. April 14, 2000; Acts 2001, No. 617, §§1 and 3, eff. June 22, 2001; Acts 2003, No. 875, §§1, 2; Acts 2004, No. 151, §1; Acts 2005, No. 235, §2.