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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.