Louisiana Revised Statutes 6:1085.1 – In addition to any other authority conferred upon the commissioner by this Chapter, the commissioner may impose a requirement of additional continuing education classes, not to excee
Current as of: 2023 | Check for updates
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Terms Used In Louisiana Revised Statutes 6:1085.1
- Commissioner: means the commissioner of the office of financial institutions. See Louisiana Revised Statutes 6:1083
- Consumer: means a natural person who enters into or seeks to enter into a residential loan transaction for a personal, family, or household purpose. See Louisiana Revised Statutes 6:1083
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Residential mortgage lending activity: means an activity, including electronic activity, engaged in for compensation or with the expectation of compensation in connection with a residential loan transaction, including the origination or funding of a residential mortgage loan and the negotiation and placement, or offering to negotiate, place, or fund a residential mortgage loan for another person, or servicing a mortgage loan. See Louisiana Revised Statutes 6:1083
In addition to any other authority conferred upon the commissioner by this Chapter, the commissioner may impose a requirement of additional continuing education classes, not to exceed eight hours, on any residential mortgage originator or broker based on a finding by the commissioner that such originator or broker failed to adhere to reasonable standards of professional conduct while engaging in a residential mortgage lending activity that negatively impacted a consumer.
Acts 2022, No. 655, §1.