La. Admin. Code tit. 10 § XV-2007

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

Section XV-2007 - Registration Renewals

A. Applications for renewal of private education lender registrations shall:

1. be submitted to the commissioner through the NMLS;

2. include all information required by R.S. 6:1421, et seq., and any rule or regulation adopted by the commissioner under authority of R.S. 6:1424; and

3. include all fees required by the commissioner by rule, in accordance with R.S. 6:1421, et seq.

B. Beginning October 31, 2024, the period for submitting registration renewal applications shall begin on the first day of November of each calendar year.

1. Timely private education lender registration renewal applications shall:

a. be submitted on or before the thirty-first day of December of each calendar year;

b. be accompanied by any registration fee established by rule; and

c. allow the private education lender's registration to remain in force and effect during the pendency of their registration renewal application.

2. Any private education lender registration for which no timely renewal application is filed shall expire on the thirty-first day of December of the calendar year for which it is issued.

1. Registration renewal applications shall be untimely if they are submitted:

a. on or after the first day of January of any calendar year beginning after March 31, 2024; and

b. on or before the last day of February of any calendar year beginning after March 31, 2024.

2. Untimely registration renewal applications shall be accompanied by both:

a. any registration renewal fee established by rule; and

b. any applicable late fee established by rule.

3. Any registration for which no renewal application is submitted on or before the last day of February of any calendar year shall lapse and shall not be renewed.

4. Any private education lender whose registration has lapsed shall:

a. be removed from the Private Education Lender Registry;

b. cease engaging in private education lending in the state, as provided by R.S. 6:1421, et seq., or any rule or regulation adopted by the commissioner under authority of R.S. 6:1424; and

c. register with the commissioner before resuming private education lending in the state;

5. Private education lenders whose registration is lapsed may submit an initial application for registration, as provided by R.S. 6:1421, et seq., and this rule.

La. Admin. Code tit. 10, § XV-2007

Promulgated by the Office of the Governor, Office of Financial Institutions, LR 49, exp. 6/17/2024(Emergency), Amended LR 50520 (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.