The Non-depository Division of the Office of Financial
Institutions regulates the licensing of loan brokers operating within the state of
Louisiana. A "loan broker" is defined as any person who for compensation or the
expectation of compensation obtains or offers to obtain a consumer loan from a third party
either for another person domiciled in Louisiana, or for another person wherever
domiciled, if the broker is operating in Louisiana. In the case of a
corporation, there must be at least two applications: for the corporation and one for each loan broker
working for the corporation. Exemption from licensure as a loan broker is enumerated in
Requirements for licensure as a loan broker include:
1) A surety bond in the amount of $25,000 for each
licensee and any brokers working for the licensee may be listed under this surety bond.
2) Maintain a place of business in the state.
3) Include in their application any brokerage contract,
loan application, and disclosure statements as required by law.
4) A financial statement on the applicant which is less
than six months old. A copy of an audited statement is sufficient but in the absence
thereof this Office will accept a current financial statement of the applicant signed by
the owner or directors. And,
5) $100 for each natural person applying for a license
plus an additional $100 for the corporation if applicable. Renewal fee is the same.
Additional requirements and further explanation of same
are enumerated in the application packet.
All brokers are required to maintain a copy of all Federal
Disclosure Statements from each loan that he brokers and a copy of the disclosure
statements required by law and which shall be available for inspection at his place of
business in Louisiana.