FAQs

Consumer lenders with physical locations in Louisiana qualify for licensure.  Others do not.

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 licensing fee is $550 initially and renews annually for $450.  Renewal is based upon the calendar year and is due each January 1.  All fees are to be paid by check or money order payable to the Office of Financial Institutions.

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.