Louisiana payday loan laws

Legal Status: Legal

Citation: La. Rev. Stat. Ann. §§ 9:3578.1 et seq.

Loan Terms:

Maximum Loan Amount: $350
Loan Term: 60 days or less
Maximum Finance Rate and Fees: 16.75% of face value of the check, + $10 documentation fee (After default: months 1-12: 36% per year; months 13 and beyond: 18% per year)
Finance Charge for 14-day $100 loan: $30
APR for 14-day $100 loan: 780%

Debt Limits:

Maximum Number of Outstanding Loans at One Time: Not Specified
Rollovers Permitted: None (cannot renew or roll over but the licensee may accept partial payment of 25% of amount advanced plus fees and enter into new loan)
Cooling-off Period:
Repayment Plan: Yes, once in a 12-month period.  Four equal installments, no fees or interest.

Collection Limits:

Collection Fees: One NSF fee of actual bank charge (if disclosed) + the greater of $25 or 5% of the check (if disclosed); Court Costs; Reasonable Attorney’s Fees
Criminal Action: Prohibited

Where to Complain, Get Information:
Regulator: Louisiana Office of Financial Institutions
Address: P.O. Box 94095 Baton Rouge LA 70804
Phone: (225) 925-4660 
Fax: (225) 925-4548

Sourced from paydayloaninfo.org

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