Consumer Loan Broker Licensure
(non-real estate)

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 the law.

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.

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Last updated October 27, 2010