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Louisiana Commissioner of Financial Institutions advises non-depository institutions on temporary closures
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.
On March 16, Louisiana’s Commissioner of Financial Institutions issued an emergency declaration granting financial institutions temporary authority to close branches within the state or to limit hours, reduce functions, or close certain days of the week. The declaration expressly waives the standard requirements for branch closures and instead instructs institutions to post a notice for public view at the physical location and provide email notice to the Office of Financial Institutions as soon as practicable and no more than five days after closure.
On March 18, the Louisiana Office of Financial Institutions (LOFI) issued an emergency advisory for lenders/brokers licensed under certain Louisiana laws. The declaration permits non-depository entities operating in Louisiana to temporarily close licensed locations located in Louisiana or to temporarily close and/or relocate some or all of the operations, services, and products of a closed location to another location or locations within the state. The declaration waives the required 30-day written notice requirement for changes in location or the relocation of some or all of the operations, services, and products.
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