A. Prior to placing any advertisement or making other representations to prospective borrowers in this state, every loan broker shall file with the state treasurer a copy of the disclosure statement required by R.S. 51:1914 and either a certified copy of the bond or a certified copy of the formal notification by the depository that the trust account required by R.S. 51:1911A is established. These filings shall be updated as any material changes in the required information or the status of the bond or trust account occur, but not less than annually.
B. Failure to comply with Subsection A of this Section shall be a misdemeanor punishable by a fine of five hundred dollars or imprisonment for up to six months, or both.