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Licensed Lender Annual Report Information - 2024

Licensed Lender Annual Report Information and Documents for 2024 Reporting

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Private Education Lender Registry Declaration of Emergency - Effective 12/20/2023

DECLARATION OF EMERGENCY - Office of the Governor - Office of Financial Institutions - Private Education Lender Registry (LAC 10:XV.2001-2015)

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P. Scott Jolly, Commissioner
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Non-Depository // Licensed Lenders // FAQs

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  • I am an out of state consumer lender. Do I need a license?

    This License is required of any company or sole proprietorship, whose main office or branch is located In-state OR Out-of-State and conducts consumer lending activities from that location.

  • I am a lender to businesses and other commercial ventures. Do I need a license?

    No.  Credit transactions involving extensions of credit for business, commercial or agricultural purposes are excluded from the Louisiana Consumer Credit Law and licensure is not required.

  • If I have several locations in Louisiana, do I need a license for each location?

    Yes.  A separate license fee is required for each location.  However, an abbreviated application is available for corporations and limited liability companies opening additional locations under the same organization juridical entity.

  • How much does a license cost?

    The total Louisiana Licensed Lender application fee is $650, payable through the NMLS at time of submission of the company filing.

    The Licensed Lender annual renewal fee is $500 per location and is due by December 31st of each year.  Renewals received after December 31st will be assessed a $100 late fee per location.  All renewals applications are due no later than February 28th.

  • How long does the licensing process take?

    If all information and documentation are submitted correctly at the initial receipt of the application, then normal licensure time is approximately 4-6 weeks.

  • Do I need a bond or is there a minimum net worth requirement?

    No.  However, we have a $25,000 start-up cash requirement.  We require a letter from your financial institution stating that the applicant has $25,000 unencumbered cash on deposit.

  • Do I have to maintain the $25,000 cash balance at all times?

    No.  After licensure you may utilize the funds to make loan, pay expenses, etc.

  • May an applicant operate while waiting for licensure?

    No.  Applicants may NOT begin the business activities of making consumer loans until a license is issued.

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