Louisiana and online PDL's
Date: Thu, 07/07/2011 - 13:00
In the FAQ's page in the office of Finance for LA it says:
I???m an out of state consumer lender. Do I need a license?Consumer lenders with physical locations in Louisiana qualify for licensure. Others do not.
I read in an earlier post that it is not legal for internet PDLs but I'm not sure in regards to this statement. Does this mean that they need some kind of address in the state to loan money? And if they do loan money to people in the state w/o a license what does that mean for the lender and the person obtaining the money?
Thank you.
I???m an out of state consumer lender. Do I need a license?Consumer lenders with physical locations in Louisiana qualify for licensure. Others do not.
I read in an earlier post that it is not legal for internet PDLs but I'm not sure in regards to this statement. Does this mean that they need some kind of address in the state to loan money? And if they do loan money to people in the state w/o a license what does that mean for the lender and the person obtaining the money?
Thank you.
As far as I can understand, you need to have some kind of addres
As far as I can understand, you need to have some kind of address/physical location in Louisiana in order to qualify for a license to become a lender. If the person does not have a physical presence in Louisiana, then it won't be legal for him to lend money. If he does so, it might be considered as fraudulent.
