Credit Repair

Act 858
Senate Bill 433
Effective July 9, 2008
Amends LSA-R.S. 9:3573 et seq.

This Act transfers the jurisdiction over credit repair organizations from the Office of Financial Institutions (OFI) to the Louisiana Attorney General (AG). Although licensure is no longer necessary, the $100,000 surety bond remains a requirement for any person providing credit repair services to consumers in Louisiana. Those who have bonds in favor of OFI should contact their bonding company to transfer the benefit to the AG.