1. A. The commissioner shall begin accepting initial registration applications from private education lenders, as required by R.S. 6:1421, et seq., on January 1, 2024.

2. B. Any private education lender shall be in violation of R.S. 6:1421, et seq., if they:

   1. 1. are securing, making or extending any private education loan to any resident borrower;
   2. 2. hold or own any private education loans secured, made or extended to any resident borrower; and
   3. 3. fail to submit a registration application to the commissioner within 90 days of January 1, 2024.
3. C. Each private education loan secured, made or extended to any resident borrower, or held for any resident borrower in violation of R.S. 6:1421, et seq., or any rule or regulation adopted by the commissioner under authority of R.S. 6:1424, shall constitute a separate offense, as provided by R.S. 6:1423.
4. D. Private education lenders whose registration applications are approved by the commissioner shall be added to the Private Education Lender Registry.
5. E. After the initial 90-day registration application period, no person shall engage in business as a private education lender with any resident borrower without registering with the commissioner, as provided by R.S. 6:1421, et seq., and any rule or regulation adopted by the commissioner under authority of R.S. 6:1424.

Authority Note

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.

Historical Note

HISTORICAL NOTE: Promulgated by the Office of the Governor, Office of Financial Institutions, LR 50:520 (April 2024).