Payday Loan Laws




Payday Loan Laws & Payday Loan Legislation
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Free Payday Loan Newsletter. The frequency is typically once each month. If you have an interest in the payday loan industry, YOU NEED OUR Payday Loan NEWSLETTER!

WE PROMISE to never sell, give-away, or abuse your contact info. You will receive a confirmation email from us immediately.

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

Citation:
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)
Cooling-off Period:
Repayment Plan:

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
Criminal Action: Prohibited

Regulator: Louisiana Office of Financial Institutions
Address: P.O. Box 94095 Baton Rouge LA 70804
Phone: (225) 925-4660
Fax: (225) 925-4548
Regulatory Contact: John J. Braud,, Deputy Chief Examiner
Regulator Website

Licensee Database (On Home Page, select "Non-Depository" from blue menu at left, then "Payday Lenders," then "List of Active Payday Licensees")