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Louisiana Guidance Pertaining to Non-recourse Financial Transaction Exemption Contained in Act 636 of 2014

December 2, 2014

The Louisiana Office of Financial Institutions published a “Guidance Pertaining to Non-Recourse Financial Transaction Exemption Contained in Act 636 of 2014”. It holds that the non-recourse exemption applies only to limited parts of OFI's regulatory authority and determines that OFI will examine transactions on a case by case basis to determine if they are, indeed, non-recourse and/or if they constitute loans for purposes of the consumer credit law and therefore subject to its limitations. In short, it brings the lenders to the table to prove that they are not subject to OFI and need not be licensed.

You can view the document here

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