La. Admin. Code tit. 10 § XV-2003

Current through Register Vol. 50, No. 11, November 20, 2024

Section XV-2003 - Registration

A. All private education lenders shall:

1. register with the commissioner through the NMLS before engaging in private education lending in the state, as required by and in accordance with R.S. 6:1421, et seq.;

2. renew their registration annually, as provided by R.S. 6:1421, et seq., and this rule;

3. maintain all qualifications of a registered private education lender; and

4. cease and desist all business of private education lending upon any of the following:

a. failure to submit a timely or untimely registration renewal application for any annual registration period;

b. failure to submit all fees and information required by R.S. 6:1421, et seq., or this rule with any initial registration or registration renewal application;

c. notice of the commissioner's denial, suspension, or revocation of any:

i. initial or renewal application submitted for any annual registration period; or

ii. registration the commissioner issued to the private education lender;

d. notice of the commissioner's removal of the lender from the Private Education Lender Registry.

B. For purposes of registration and maintaining registration with the commissioner, each private education lender shall provide all of the following:

1. a list of all providers of postsecondary education for which private education loans have been secured, made or extended to resident borrowers;

2. the total number of private education loans annually secured, made or extended to:

a. resident borrowers;

b. resident borrowers enrolled or enrolling in, or attending, each provider of postsecondary education listed in response to Subsection B.1 of this Section; and

c. resident borrowers requiring a cosigner;

3. The total dollar amount of private education loans annually secured, made or extended to:

a. resident borrowers;

b. resident borrowers enrolled in or attending each provider of postsecondary education listed in response to Subsection B.1 of this Section;

c. resident borrowers requiring a cosigner;

4. the range of starting interest rates for all private education loans secured, made or extended;

5. the percentage of resident borrowers who receive the starting interest rates provided in response to Subsection B.4 of this Section;

6. the default rate of all private education loans secured, made or extended;

7. the default rate of private education loans secured, made or extended to resident borrowers enrolled or enrolling in, or attending, each provider of postsecondary education listed in response to Subsection B.1 of this Section;

8. a copy of promissory note(s), agreement(s), contract(s) or other instrument(s) used during the previous calendar year to substantiate that:

a. the private education lender secured, made or extended any private education loans; or

b. any resident borrower owes any debt for a private education loan secured, made or extended;

9. the private education lender's:

a. name;

b. address;

c. telephone number; and

d. internet website address.

1. Beginning January 1, 2024, the annual registration period for all private education lenders shall commence on the first day of January and end on the thirty-first day of December of each calendar year.

2. Any initial private education lender registration approved between the first day of November and the thirty-first day of December of each calendar year will expire on the thirty-first day of December of the following annual registration period.

3. Except as provided by Subsection C.2 of this Section, all private education lender registrations shall expire on the thirty-first day of December of each calendar year.

La. Admin. Code tit. 10, § XV-2003

Promulgated by the Office of the Governor, Office of Financial Institutions, LR 49, exp. 6/17/2024(Emergency), Amended LR 50519 (4/1/2024).

AUTHORITY NOTE: Promulgated in accordance with R.S. 6:121, R.S. 6:1421, R.S. 6:1422, R.S. 6:1423, and R.S. 6:1424.