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Learn how to obtian a organization license to operate a payday loan company in Louisiana.

In Louisiana, the Office of Monetary Institutions manages payday lenders. If you are planning on starting a new payday loan business, following you register your company with the Louisiana Secretary about State, you subsequently have to apply with the license that allows you to run this type of financial business in the state.

Trouble: Tolerably Challenging

Instructions

things you'll need:

Registered business entity by the state Cash or funds order

1 Contact the Office regarding Monetary Institutions to obtain some Uniform Application to Licensure/Regulation. You may download the kind away from the website of the Office of Financial Schools or call 225-922-0638 to request the application.

2 Fill out the Uniform Application. This includes completing the whole name plus address for the payday loan enterprise, telephone number, the type about enterprise entity similar seeing that any corporation or LLC and make contact with information for the registered agent or primary make contact with for the payday credit business.

3 Get fingerprinted in a local police station. Phone or visit your local Louisiana State Police station to get hold of fingerprinted. Obtain 2 total fingerprint cards, which you need to submit for the Uniform application. Proprietors, directors and officers of the payday credit business need to all submit two fingerprint cards for the application. The fee for fingerprints is $45.25 as of 2010.

4 Complete the Application Affidavit in front of a notary and have the form notarized. This style is part of the Uniform Application packet.

5 Attach any promissory note sample to the application. Payday lenders must provide the Office of Financial Institutions with some copy of the promissory word that is borrowers will be needed to indicator while taking out any payday loan.

6 Request a letter about credit from the bank everywhere the business consideration is. The state of Louisiana requires payday lenders to have $25,000 of cash in the business account or a line of credit for on lowest $25,000. Your business deposit must provide you with a letter that verifies you own the cash with the bank or an accessible line regarding credit to at least the $25,000.

8 Fork out the application charge. The fee is payable in cash or any money order made payable to the Office about Financial Institutions. Being of 2010, the application fee yous non-refundable and $550. If you mail the application, do not mail cash but rather include a money purchase.

References

Workplace of Financial Organizations: Louisiana

sign. credit sale image by L. Shat away from website

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