RS 6:1093 Repealed by acts 2010, no. 743, §22b, eff. july 1, 2010.
§1093. Residential Mortgage Lending Board; creation; membership; qualifications; powers and duties
A.(1) There is hereby created the Residential Mortgage Lending Board within the office of financial institutions. The board shall be composed of five members, four of whom shall be appointed by the commissioner from a list of nominees submitted by the Louisiana Mortgage Lenders Association and the remaining member shall be the commissioner or his designee. The commissioner shall appoint at least one mortgage broker and at least one mortgage lender from the list of nominees.
(2) The residential mortgage lenders initially appointed to the board shall not be required to be licensed but shall have been engaged in mortgage lending activities for a minimum of three years. Thereafter, each residential mortgage lender appointed to the board shall be a mortgage broker or mortgage lender licensed or registered as provided for in this Chapter and shall have been engaged in mortgage lending activities for a minimum of three years.
(3) Appointed members shall serve two-year terms; however, no appointed member shall serve more than two consecutive terms.
(4) A vacancy on the board occurring prior to the expiration of a term shall be filled in the same manner as the original appointment for the remainder of the term.
(5) The board shall be domiciled in Baton Rouge, within the office of financial institutions, but may meet elsewhere in the state. The board shall meet at least quarterly at the call of the chairman.
(6) The members of the board shall annually elect a chairman and vice chairman.
(7) Three members of the board shall constitute a quorum.
(8) Members of the board shall receive no per diem, but shall be reimbursed for actual expenses for the attendance of meetings of the board or any of its committees and for time spent on behalf of the board on official business, not to exceed ten days in any month. Members shall be reimbursed for all necessary travel, incidental, and clerical expenses incurred in carrying out the provisions of this Chapter, as evidenced by voucher and upon approval of the commissioner. The commissioner shall provide staff support to the board.
B. The board shall:
(1) Advise the commissioner in connection with courses which have been reviewed and approved by the NMLS&R and that are offered by the Mortgage Bankers Association or the National Association of Mortgage Brokers to maintain the highest standards of the residential mortgage lending business in the state.
(2) Advise the commissioner in connection with user fees paid by licensees to utilize the NMLS&R licensing system.
(3) Advise the commissioner in connection with the development of call reports required by the S.A.F.E. Act.
(4) To review with the commissioner the kinds of acts constituting "violations" reportable to the NMLS&R so that the information provided to the licensing system satisfies the requirements of the S.A.F.E. Act, to establish guidelines for the reporting of information to the NMLS&R consistent with the confidentiality requirements applicable to the deliberations of the office and of its staff.
(5) Engage in such other advisory activities as the board, in consultation with the commissioner, shall deem useful to the maintenance of state oversight of the residential mortgage lending industry.
C. Repealed by Acts 2001, No. 617, §3, eff. June 22, 2001.
Acts 1999, No. 1098, §1, eff. July 9, 1999; Acts 2001, No. 617, §3, eff. June 22, 2001; Acts 2009, No. 522, §1, eff. July 31, 2009.