Louisiana Payday loan laws. Louisiana Payday loan legislation.
$16.75% of the face amount of check.
Maximum term of 30 days. Maximum cash advance amount allowable is $350. Rollovers are prohibited (but can accept partial payment of 25% + fees and enter into a new agreement).
The only new legislation to become law was a payday loan industry supported bill sponsored by state Rep. Erich Ponti, R-Baton Rouge. This law specifies that payday loan internet lenders must comply with the same regulations as payday lenders with brick-and-mortar locations in Louisiana.
For a thorough discussion of the payday loan industry and access to our payday loan training materials, we recommend you proceed to PaydayManual.com
Louisiana Payday Loan Laws & Legislation State Information
Legal Status: Legal
La. Stat. Ann. § 9:3578.1 et seq.
Maximum Loan Amount: $350
Loan Term: 60 days
Finance Rate and Fees: $5 documentation fee + the greater of 16.75% of check or $45 (After default: months 1-12: 36% per year; months 13 and beyond: 18% per year)
Finance Charge for 14-day $100 loan: $25
APR for 14-day $100 loan: 650%
Maximum Number of Outstanding Loans at One Time: Not Specified
Rollovers Permitted: None (cannot renew or rollover but licensee may accept partial payment of 25% of amount advanced plus fees and enter into new loan)
Collection Fees: One NSF fee of actual bank charge (if disclosed) + the greater of $25 or 5% of check (if disclosed); Court Costs; Reasonable Attorney's Fees
Phone: (225) 925-4660
Licensee Database (On Home Page, select "Non-Depository" from blue menu at left, then "Payday Lenders," then "List of Active Payday Licensees")Source: paydayloanlegislation.com
Category: Payday loans