On May 15, the Louisiana governor signed SB171, which amends a state statute that prescribes when a person acquiring or controlling ownership interest in a consumer loan licensee must obtain approval from the state’s commissioner. Under SB171, written approval by the commissioner must now be received for any person acquiring or controlling “ percent or more of the ownership interest in a licensee” — an amount previously set at 50 percent or more. The amendments also strike the requirement that “[a]ny person who acquires or anticipates acquiring a  percent interest in a licensee shall file for a new license prior to acquiring ownership of said interest either incrementally over a period of time or as one transaction.” The amendments became effective upon signature by the governor.
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