FAQs

Act 715 of the 2022 Regular Legislative Session (R.S. 6:1421-1424), enacted the “Private Education Lender Registry” (Act), with an effective date of August 1, 2022.  Under the Act, private education lenders must register with the Commissioner prior to operating in the State of Louisiana pursuant to the procedures set forth in LAC 10: XV. 2001-2015 “Private Education Lender Registry” (Rule), using the Nationwide Multistate Licensing System and Registry (NMLS). 

R.S. 6:1421 includes the following key definitions:

R.S. 6:1421(1) defines, “Commissioner” as, “Commissioner of the Office of Financial Institutions.”  

R.S. 6:1421(2) defines, “Private education lender” as, “Any person engaged in the business of securing, making, or extending a private education loan, or any holder of a private education loan. “Private education lender” shall not include any person who services a private education loan, to the extent such person does not also secure, make, extend, or own the loan. “Private education lender” shall not include any federally insured financial institution, its subsidiaries, and affiliate.” 

R.S. 6:1421(3) defines, “Private education loan” as, “An extension of credit or a debt or obligation owed or incurred by a consumer, contractual or otherwise, contingent or absolute, that meets all of the following criteria: (a) Is not made, insured, or guaranteed under Title IV of the Higher 2 Education Act of 1965 (20 U.S.C. 1070 et seq.). (b) Is extended to or owed or incurred by a consumer expressly, in whole or in part, for postsecondary education expenses, regardless of whether the extension of credit or debt or obligation owed or incurred is provided by the provider of postsecondary education that the student attends. (c) Does not include any loan that is secured by immovable property or a dwelling.”

Yes.  Licensed lenders and federally insured financial institutions (including their subsidiaries and affiliates) are exempted from the registration requirements contained in the Act pursuant to R.S. 6:1422(B)(1).

The documents and/or information that must be provided pursuant to R.S. 6:1422(B)(2)(a) through (g), may be found using the following link to the NMLS Checklist:

Licensing Checklists, Requirements, and Fees

Pursuant to R.S. 6:1422(C)(1) through (3), the Commissioner is required to make public the following information:

C. Not later than one year following enactment of this Chapter, the commissioner shall create a publicly accessible website that includes the following information about private education lenders registered in this state:

1. The name, address, telephone number, and website for all registered private education lenders.
2. A summary of the information required by Paragraph (B)(2) of this Section.
3. Copies of all promissory notes, agreements, contracts, or other instruments provided to the commissioner as required by Subparagraph (B)(2)(f) of this Section.

Pursuant to LAC 10:XV.2013 (Fees), the initial registration fee is $1,500, and the annual renewal registration fee is $1,000.  In addition, there is an annual renewal registration late fee of $500.

All private education lender registrations end December 31^st each year.  Pursuant to LAC 10:XV.2007 (Registration Renewals), the annual registration renewal period begins November 1st and closes on December 31st of each year.  Applications for renewal of a private education lender registration submitted during this timeframe will be considered “timely,” and shall be accompanied by a renewal application fee of $1,000.  Applications for renewal of a private education lender registration submitted between January 1^st and the last day of February of any calendar year will be considered “untimely.”   Untimely registration renewal applications shall be accompanied by both a renewal application fee of $1,000, and a renewal application late fee of $500.  Any registration for which no renewal application is submitted on or before the last day of February of any calendar year shall “lapse” and shall not be renewed.  Any private education lender whose registration has “lapsed” shall: (a) be removed from the Private Lender Registry; (b) cease engaging in in private education lending in the state; and (c) register with the Commissioner before resuming private education lending in the state.  However, private education lenders whose registration is “lapsed” may submit an initial application for registration pursuant to R.S. 6: 1421 et. seq., and LAC 10: XV. 2001-2015.

No.  Please refer to R. S. 6:1422(A)

All persons engaging in business as a private education lender in the State of Louisiana are registered through the NMLS system.  You can determine whether a person is registered in the State of Louisiana by going to the NMLS Consumer Access portal.

For concerns relating to the NMLS system, including your company and individual records, contact the NMLS Call Center at (855) 665-7123.  For specific questions relating to Louisiana licensing requirements, feel free to contact the Non-Depository Licensing Section at NMLS@ofi.la.gov or 225-925-4660.