Consumer Loan Broker Licensure
(non-real estate)
General Information
The Non-Depository Division
of the Office of Financial Institutions regulates the licensing of Loan Brokers
operating within the state of Louisiana. A "Loan Broker" is defined as any
person who for compensation or the expectation of compensation obtains or offers
to obtain a consumer loan from a third party either for another person domiciled
in Louisiana, or for another person wherever domiciled, if the broker is
operating in Louisiana.
In the case of a corporation, there
must be at least two applications: for the corporation and one for each
Loan Broker working for the corporation. Exemption from licensure as a Loan
Broker is enumerated in the law.
Requirements for licensure as a Loan Broker include:
A surety bond in the amount of $25,000 for each
licensee and any brokers working for the licensee may be listed under this
surety bond.
Maintain a place of business in the state.
Include in their application any brokerage contract,
loan application, and disclosure statements as required by law.
A financial statement on the applicant which is less than six months old. A copy of an audited statement is sufficient but in the absence thereof this Office will accept a current financial statement of the applicant signed by the owner or directors. And,
$100 for each natural person applying for a license
plus an additional $100 for the corporation if applicable. Renewal fee is
the same.
Additional requirements and further explanation of same
are enumerated in the application packet.
All brokers are required to maintain a copy of all Federal Disclosure Statements from each loan that he brokers and a copy of the disclosure statements required by law and which shall be available for inspection at his place of business in Louisiana.
Return to Loan Brokers
Updated
September 19, 2017