| Company Licenses
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Description
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Requirements Checklist
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| Private Education Lender |
Act 715 of the 2022 legislative session requires private education lenders to register with this office and provide the Commissioner with certain documentation, such as aggregate data, copies of promissory notes, interest rates, default rates, etc. This law became effective on August 1, 2022 and provides the Commissioner with rulemaking authority to implement the provisions of the Chapter. |
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| Check Casher License |
The “Louisiana Check-Cashing Law” provides for the licensing and regulation of businesses engaged in currency exchange as defined in the Law. Pursuant to LSA-R.S. 6:1002(1), “Check-casher” means an individual, partnership, unincorporated association, or corporation that for compensation engages in whole or in part in the business of cashing checks, drafts, money orders, or any other commercial paper serving the same purpose. |
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| Insurance Premium Finance |
Any company or sole proprietorship, where ever located, that engages in insurance premium financing must have this license type. The licensee may also engage in other consumer lending activity from a Louisiana location if the commissioner is notified of such activity. (More Details) |
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| Licensed Lender Main Office (In-State and Out-Of-State with Lending Activity) |
This License is required of any company or sole proprietorship, whose main office is located In-state OR Out-of-State and conducts consumer lending activities from that location. Licensed Lenders planning to engage in insurance premium financing should select the “Insurance Premium Finance License” listed below. (More Details) |
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| Licensed Lender Main Office (no lending activity) |
This License is required of any company or sole proprietorship, whose main office, regardless if In-state or Out-of-State, does not engage in making consumer loans from that location. Companies with this license must have an in-state licensed location. Licensed Lenders planning to engage in insurance premium financing should select the “Insurance Premium Finance License” listed below. (More Details) |
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| Pawnbroker Main Office (in-state) |
This License is required of any company or sole proprietorship that engages in pawnbroker activity only from the main office which is located in Louisiana. (More Details) |
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| Pawnbroker Main Office (out-of-state) |
This License is required of any company or sole proprietorship, whose main office is located outside Louisiana that conducts pawnbrokering activity only from branches in Louisiana. (More Details) |
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| Residential Mortgage Lending License |
This License is required of any company, LLC or sole proprietorship, regardless of location, who directly or indirectly, for compensation or the expectation of compensation engages in “Residential Mortgage Lending Activity” as a mortgage broker, mortgage lender or mortgage servicer. It also included mortgage lenders that only engage in funding loans originated by licensed mortgage brokers and originators commonly referred to as a “Wholesale Lender.” The wholesale lender has no originators and does not engage in retail originations. (More Details) |
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| Sale of Checks and Money Transmitters |
A license is required for any person who engages in the business of money transmission or selling of checks as a service or for a fee or other consideration.
"Sale of Checks" means to sell, to issue, or to deliver a check, draft, money order or other instrument for the transmission or payment of money.
“Money transmission” means to engage in the business of selling or issuing payment instruments, selling or issuing stored value, or receiving money or monetary value for transmission including, but not limited to, wire, facsimile, or electronic transmission, to a location within or outside of the United States.
Agent or location registrations are not required to be filed on the NMLS at this time. These are handled outside the NMLS directly with this office.
(More Details) |
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| Virtual Currency Business Activity License |
Pursuant to LSA-R.S. 6:1384, “a person shall not engage in virtual currency business activity, or hold itself out as being able to engage in virtual currency business activity, with or on behalf of a resident unless the person is one of the following:
(1) Licensed in this state by the department pursuant to R.S. 6:1385.
(2) Registered with the department and operating pursuant to R.S. 6:1390.
(3) Exempt from licensure or registration pursuant to R.S. 6:1383.”
LSA-R.S. 6:1383 (22) defines, “Virtual currency business activity” as any of the following:
(a) Exchanging, transferring, or storing virtual currency or engaging in virtual currency administration, whether directly or through an agreement with a virtual currency control services vendor.
(b) Holding electronic precious metals or electronic certificates representing interests in precious metals on behalf of another person or issuing shares or electronic certificates representing interests in precious metals.
(c) Exchanging one or more digital representations of value used within one or more online games, game platforms, or family of games for either of the following:
(i) Virtual currency offered by or on behalf of the same publisher from which the original digital representation of value was received.
(ii) Legal tender or bank credit outside the online game, game platform, or family of games offered by or on behalf of the same publisher from which the original digital representation of value was received.
This license will be available in NMLS on January 1, 2023. |
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| Branch Licenses
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Description
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Requirements Checklist
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| Check Casher Branch License |
The “Louisiana Check-Cashing Law” provides for the licensing and regulation of businesses engaged in currency exchange as defined in the Law. Pursuant to LSA-R.S. 6:1002(1), “Check-casher” means an individual, partnership, unincorporated association, or corporation that for compensation engages in whole or in part in the business of cashing checks, drafts, money orders, or any other commercial paper serving the same purpose. |
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| Insurance Premium Finance Branch License |
A location, other than the main office, located in-state or out-of-state from which a licensee makes insurance premium finance loans. |
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| Licensed Lender Branch |
A location in Louisiana, other than the main office, from which a licensed lender makes consumer loans. |
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| Mortgage Branch Registration |
This License is required for all additional branch offices other than the Main office location listed on line 1.E. of the MU1. (More Details) |
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| Pawnbroker Branch |
A location in Louisiana, other than the main office, from which a person makes pawn transactions. (More Details) |
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| Individual Licenses
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Description
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Requirements Checklist
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| Mortgage Loan Originator License |
This License is required of any natural person who is an employee of a mortgage broker, mortgage lender, who is not acting as a mortgage broker or as a mortgage lender, who interviews the consumer in connection with the consumer's application for a residential mortgage loan. (More Details) |
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