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Financial Services Law Insights and Observations

Louisiana Office of Financial Institutions extends emergency declarations to non-depository entities

State Issues Covid-19 Louisiana Non-Depository Institution Mortgage Lenders Check Cashing Escrow Auto Finance Repossession Broker-Dealer Lending Consumer Credit Licensing Mortgage Origination

State Issues

On July 24, the Louisiana Office of Financial Institutions extended emergency declarations for residential mortgage lenders, check cashers, bond for deed escrow agents and repossession agents, brokers and lenders licensed under the Louisiana Consumer Credit Law and Deferred Presentment and Small Loan Act, and pawnbrokers. The orders were previously covered here. Such entities are granted the authority to temporarily close licensed locations within Louisiana or to temporarily close and/or relocate to another location within the state. Mortgage loan originators are permitted to work from home, whether located in Louisiana or another state, even if the home is not registered with the LOFI. The declarations also provide instructions for notifying the LOFI of a temporary location change. The declarations will remain in effect as long as there is a public health emergency relating to Covid-19, or until rescinded or replaced.

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