FAQs

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.

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.

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.

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 31^st will be assessed a $100 late fee per location.  All renewals applications are due no later than February 28^th.

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

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.

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

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