AI-assisted research summary: Private education lenders operating in the state must register with the commissioner and provide specified loan and document information; the commissioner must also create a public website within one year.
§1422. Private education lender registry A. No person shall engage in business as a private education lender in this state without first satisfying the requirements set forth in Subsection B of this Section. B. A private education lender operating in this state shall do all of the following: (1) Register with the commissioner pursuant to any registration procedures set forth by the commissioner by rule, which may include the payment of a fee set by the commissioner by rule and registration through the Nationwide Multistate Licensing System and Registry. The commissioner may prescribe an alternative registration process and fee structure for a provider of postsecondary education. The registration requirements of this Paragraph shall not apply to a licensed lender pursuant to R.S. 9:3557 or any bank, savings bank, savings and loan association, or credit union operating pursuant to authority granted by the commissioner. (2) Provide the commissioner with the following documents and information: (a) A list of all schools at which the private education lender has provided a private education loan to a student residing in this state. (b) The total number and dollar amount of private education loans made annually to students residing in this state. (c) The total number and dollar amount of private education loans made annually at each school as identified in Subparagraph (a) of this Paragraph. (d) The range of starting interest rates and percentage of applicants who receive those rates. (e) The default rate for borrowers obtaining private education loans from the private education lender, if applicable, including the default rate for private education loans made to students for each school listed pursuant to Subparagraph (a) of this Paragraph. (f) A copy of the promissory note, agreement, contract, or other instrument used by a private education lender during the previous year to substantiate that a private education loan has been extended to the consumer or that a consumer owes a debt to the private education lender. (g) The total number and dollar amount of private education loans made with a cosigner annually. (3) Provide to the commissioner the documents and information enumerated in Paragraph (2) of this Subsection pursuant to any procedures set forth by the commissioner, which may include reporting through the Nationwide Multistate Licensing System and Registry. C. Not later than one year following enactment of this Chapter, the commissioner shall create a publicly accessible website that includes the following information about private education lenders registered in this state: (1) The name, address, telephone number, and website for all registered private education lenders. (2) A summary of the information required by Paragraph (B)(2) of this Section. (3) Copies of all promissory notes, agreements, contracts, or other instruments provided to the commissioner as required by Subparagraph (B)(2)(f) of this Section. Acts 2022, No. 715, §1.