Louisiana Payday loan laws. Louisiana Payday loan legislation.

payday loans in louisiana

$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.

Loan Terms:

Maximum Loan Amount: $350

Loan Term: 60 days

Maximum

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%

Debt Limits:

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 Limits:

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

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