RS 3559.1 - Regulation of former licensees
A. A licensed lender whose license has been revoked, suspended, or canceled may, with the prior written consent of the commissioner, continue to collect payments on or enforce such loans without a license so long as it complies with each of the following:
(1) The record keeping requirements for licensed lenders.
(2) All other provisions of this Chapter.
(3) Pays the commissioner's costs for conducting compliance examinations or investigations of its records.
(4) The terms of any valid order of the commissioner or of a court relative to provisions of this Chapter.
(5) All consent agreements entered into with the commissioner.
B. The commissioner may require such unlicensed persons to enter into a consent agreement containing the provisions of this Section* and may require additional restrictions and conditions therein, as determined by the commissioner, as a condition to the former licensee's continued collection or enforcement of consumer loans.
C. The commissioner may assess civil money penalties of up to one thousand dollars per violation for violations of this Section. Such penalties may be recovered by the commissioner in a civil action brought in a court of competent jurisdiction, together with reasonable attorney fees and costs incurred in bringing such action.
Acts 1992, No. 148, §1, eff. June 5, 1992.
*AS APPEARS IN ENROLLED BILL.