LA OFI News

Louisiana Small Loan Law Effective Date

The Louisiana Office of Financial Institutions (OFI) has announced new legislation concerning deferred presentment transactions and small loans, which will become effective on August 1, 2025. This legislation introduces updated regulations for entities operating within these financial sectors in Louisiana.

Louisiana OFI Sets Loan Principal Balance Limits for 2025-2026

The Louisiana Office of Financial Institutions (OFI) has published the maximum outstanding principal balance limits for deferred presentment transactions and small loans for the 2025-2026 period. These limits, set at $720.00 for deferred presentment and $360.00 for small loans, are effective from September 1, 2025, to August 31, 2026.

Jerry Pearson Pleads Guilty to $3.4M Wire Fraud Scheme

Jerry O. Pearson pleaded guilty to a $3.4 million wire fraud scheme involving client funds managed through Mid South Retirement Services, LLC. The investigation was conducted by the FBI and the Louisiana Office of Financial Institutions Securities Division.

Jerry Pearson Sentenced for Wire Fraud and Stealing Client Money

Jerry O. Pearson was sentenced to 63 months in prison for wire fraud and stealing $3,431,152.21 from clients of his retirement services company. The Louisiana Office of Financial Institutions assisted in the investigation.