Opinion Number

Dear Rep. Frith:

You requested the opinion of this office concerning a policy promulgated by the Commissioner of Financial Institutions and whether said policy is contrary to the Louisiana Deferred Presentment and Small Loan Act, as recently amended (the "Act").

The Act was amended by Act 1272 of the 2003 Regular Session (AAct 1272") to allow lenders to sell and finance services, including but not limited to utility payment services, financial or tax services, or the sale of prepaid telephone services and telephone-related products which are not financed with the proceeds of the loan.

On the…