Louisiana Private Education Lender Registration Added to the Nationwide Multistate Licensing System and Registry

As of January 1, 2024, the Louisiana Office of Financial Institutions (OFI) is accepting registration of private education lenders. This registration requirement is applicable to nonexempt businesses making or holding private education loans and is the result of the passage of the Louisiana Private Student Loan Registry law.

To the extent the registration requirement applies, the process is being managed on the Nationwide Multistate Licensing System and Registry (NMLS).

Registrants should be prepared to submit a sample loan agreement and information about private education loans made in the state as part of their registration, among other information. Note, however, that information relating to loans made is required to be submitted directly to the OFI outside of the NMLS. 

For assistance with the filing of the Louisiana Private Education Lender Registration or any licensing needs, Hinshaw & Culbertson LLP is available to help.