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Learn the way to obtian any organization license to operate a payday loan business with Louisiana.
In Louisiana, the Office of Monetary Institutions regulates payday lenders. If you are preparing on beginning some new payday loan business , after you register your small business with the Louisiana Secretary of State, you then have to employ to the license that is allows you to run this kind of financial business within the state.
Trouble: Moderately Challenging
Instructions
Registered enterprise entity with the state Money or cash purchase
1 Contact the Office of Monetary Colleges to obtain a Uniform Application for Licensure/Law. You can download the form from the website of the Workplace regarding Financial Organizations or call 225-922-0638 to request the application.
2 Fill out the Uniform Application. This includes completing the full name plus address for the payday loan business, telephone amount, the type regarding business entity similar as some corporation or LLC and contact information for the registered agent or primary contact to the payday loan organization.
3 Secure fingerprinted on a local police station. Call or visit your local Louisiana State Law enforcement agency station to get fingerprinted. Obtain dual complete fingerprint cards, which you require to submit through the Uniform application. Owners, directors and officials of the payday allowance business must all submit two fingerprint cards together with the application. The fee for fingerprints is $45.25 like about 2010.
4 Complete the Application Affidavit in the front regarding some notary and get the form notarized. This form is part of the Uniform Application packet.
5 Attach a promissory note sample to the application. Payday lenders must supply the Office of Financial Institutions with some duplicate about the promissory note that borrowers will be needed to hint when taking out a payday loan.
6 Request a letter of credit from the bank everywhere the business account remains. The express of Louisiana requires payday lenders to have $25,000 of money in the business account or a line of credit for by lowest $25,000. Your business bank should afford you with some letter that is verifies you have the money on the deposit or any available line of credit for in least the $25,000.
8 Pay the application fee. The fee is payable in money or a money purchase made payable to the Office about Monetary Institutions. As of 2010, the application fee is non-refundable and $550. If you mail the application, do never send cash but rather include any money order.
References
Office about Financial Institutions: Louisiana
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