1. I am an
out of state consumer lender. Do I need a license?
Consumer lenders with physical locations in
Louisiana qualify for licensure. Others do not.
2. 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.
3. 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.
much does a license cost?
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.
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.
6. 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.
7. 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,
8. 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.
Return to Non-depository
August 05, 2011