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Financial Services Law Insights and Observations

Louisiana Commissioner of Financial Institutions advises non-depository institutions on temporary closures

State Issues Louisiana Non-Depository Institution Check Cashing Repossession Bond Covid-19

State Issues

On March 18, Louisiana’s Commissioner of Financial Institutions released emergency advisories for non-depository institutions, specifically repossession agents and bond for deed escrow agents, check cashers, pawnbrokers, licensed consumer lenders/brokers, and residential mortgage lenders. The advisories authorized the temporary closure or relocations of licensed locations and waived the standard 30-day notice requirement for such closures. Licensees should notify the Office of Financial Institutions as soon as possible regarding any temporary closures or relocations and may submit requests for waiver of the standard change of location fee by email. Unless otherwise instructed, temporary location changes should not be submitted through NMLS.  In addition, the advisory for residential mortgage lenders confirms that licensed MLOs may work from their homes.

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