RS 37:2581 – Declaration of policy The business of rendering financial planning and management services to individuals is a matter of public interest and concern and is subject to regulation and control in the public interest. Acts 1970, No. 423, §1.
RS 37:2582 – Definitions As used in this Chapter: (1) "Financial Planning and Management Service" means the planning and management of the financial affairs of an individual, and distribution of money to the creditors thereof, or acting as the agent of an individual in the distribution of his income to his creditors, whether or not […]
RS 37:2583 – Requirement of license On or after thirty days from the effective date of this Chapter, it shall be unlawful for any person to operate a financial planning and management service or engage in said business as herein defined except as authorized by this Chapter and without first having obtained a license as […]
RS 37:2584 – Application for license Application for license to engage in the financial planning and management business in this state shall be made to the director and shall be in writing, under oath, and in the form prescribed by the director, and shall contain the full name and address of the applicant and, if […]
RS 37:2585 – Qualifications for license Upon the filing of the application and the approval of such bond and the payment of the specified fees, if the director shall, upon investigation, find: (1) That the financial responsibility, experience, character and general fitness of the applicant, and of the members thereof (if the applicant be a […]
RS 37:2586 – Renewal of license Each licensee under the provisions of this Chapter may on or before December 1, make application to the director for renewal of its license, which said application for renewal shall be on the form prescribed by the director and shall be accompanied by a fee of one hundred dollars […]
RS 37:2587 – License, display and location Each license issued hereunder shall be kept conspicuously posted in the place of business of the licensee. The business address may be changed by any license upon ten days prior written notice to the director. Acts 1970, No. 423, §7.
RS 37:2588 – Persons engaged in the financial planning and management service prior to the effective date of this Chapter Any person, firm or corporation, lawfully engaged in the business of rendering credit and financial adjusting service in the State of Louisiana for at least one year, immediately prior to the effective date of this […]
RS 37:2589 – Denial of license Any application for a license hereunder shall be approved or denied within sixty days of the filing of such application with the director. If license shall be denied, then the applicant shall be so notified by United States mail, registered, and shall be given an opportunity to be heard […]
RS 37:2590 – Revocation of license The director shall, upon five days notice to the licensee by registered United States mail, directed to the licensee at the address set forth on the license, stating the contemplated action and in general the grounds therefor and upon reasonable opportunity to be heard prior to such action, revoke […]
RS 37:2591 – Contracts, books, records and contract cancellation Each licensee shall furnish to the director, when requested, a copy of the contract entered into between the licensee and the individual. The licensee shall furnish the debtor with a copy of the written contract, which shall set forth the charges agreed upon for the services […]
RS 37:2592 – Fees and charges of licensees By contract a licensee may charge a reasonable fee for debt adjusting services, which fee may not exceed twelve percent of the total debts reported to and listed with the licensee by the debtor and/or the debtor’s listed creditors. The licensee may require an initial payment by […]
RS 37:2593 – Prohibitions No licensee shall advertise, in any manner whatsoever, any statement or representation with regard to rates, terms or conditions of financial planning and management service which is false, misleading or deceptive. No licensee shall receive or charge any fee in the form of a promissory note or other promise to pay […]
RS 37:2594 – Licensee to remit to creditors Each licensee shall remit the funds received by it, less the amount withheld for fees and charges as hereinabove provided, to the creditors promptly after receipt of funds. Acts 1970, No. 423, §14.
RS 37:2595 – Rules and regulations The director shall make and find, as required by law, and enforce all reasonable rules and regulations as shall be necessary for the administration of this Chapter. Acts 1970, No. 423, §15.
RS 37:2596 – Penalties Any person willfully violating any of the provisions of this Chapter shall be deemed guilty of a misdemeanor and shall be punished by a fine of not more than two thousand five hundred dollars or by imprisonment in the parish jail for not more than six months, or by both such […]
RS 37:2597 – Injunction To engage in the financial planning and management business, render financial service, or accept individuals funds, as defined in this Chapter, without a valid existing license so to do, is hereby declared to be inimical to the public welfare and to constitute a public nuisance. The director may, in the name […]
RS 37:2598 – Review All final administrative decisions of the director hereunder shall be subject to judicial review in the district court of the parish in which the licensee is doing business. Acts 1970, No. 423, §18.
RS 37:2599 – Investigation The director may at any reasonable time investigate and examine the books and records of every licensee hereunder and of any person, firm, association or corporation who or which shall be engaged in the business as defined in R.S. 37:2582 and who or which are not expressly exempted under this Chapter. […]
RS 37:2600 – Title of Chapter This Chapter shall be known and may be cited as the Financial Planning and Management Service Law. Acts 1970, No. 423, §22.
