Payday Loan Laws

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

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)
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")