RS 6:969.36

228 words·~1 min read·/la/title-6/6-651

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RS 6:969.36

§969.36. License not required

A. All of the following shall be exempt from the licensing requirements of this Chapter:

(1)Supervised financial organizations.

(2)Trusts and trustees, including without limitation securitization trusts and trustees.

(3)Assignees with no offices in this state holding motor vehicle contracts on an interim basis for a period of ninety days or less.

(4)Governmental agencies, instrumentalities, or public entities organized by Act of Congress or the Legislature of Louisiana.

(5)Qualified pension plans when entering into an extension of credit to a plan participant.

(6)Bona fide pledgees of motor vehicle credit contracts.

(7)Persons holding motor vehicle contracts for servicing or collection on behalf of the actual owner of such obligations.

(8)Licensed motor vehicle dealers to the extent that they regularly sell, assign, and transfer contracts originated by them to third party assignees within sixty days following origination. A licensed motor vehicle dealer may retain at any one time, and from time to time thereafter, a maximum of twelve contracts for its own account without being subject to the licensing requirements of this Chapter.

B. The commission is authorized to waive the licensing and examination requirements for a subsidiary of an entity as described in Paragraph (A)(1) of this Section.

Acts 1999, No. 794, §1, eff. July 2, 1999; Acts 2007, No. 131, §1, eff. June 25, 2007.