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Payday loan laws in Louisiana

  • Status: Legal (La. Rev. Stat. Ann. §§ 9:3578.1 et seq.)
For Lenders

Lending specifications:

  • Maximum loan amount: $350
  • Loan tenure: 60 days
  • Fees and finance charges: 16.75% max. of amount loaned; $45 max fee; + $10 documentation fee
  • Finance charge on a 14-day $100 loan: $30
  • APR on 14-day $100 loan: 780%

Collection restrictions:

  • Collection fees: One NSF fee of actual bank charge (if revealed) + the superior of $25 or 5% of check (if revealed); Court Costs; attorney's fees
  • Criminal procedures: Prohibited
For Borrowers

Debt limits:

  • Maximum no. of outstanding loans at a time: Not Specified
  • Rollovers allowed: None

Complaint cell:

  • Regulator: Louisiana Office of Financial Institutions (OFI)
  • Address: P.O. Box 94095 Baton Rouge LA 70804
  • Phone: Toll-Free: 888-525-9414 Direct: 225-925-4660
  • Regulatory contact: John J. Braud; Deputy Chief Examiner
  • Website: http://www.ofi.state.la.us/
  • File complaint: http://www.ofi.state.la.us/



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    • The debt settlement program typically lasts between 6 months to 4 years time.
    • At least 30% of the debt amount per creditor needs to be accumulated in the trust account for OVLG to give the creditor any settlement offer.
    • Not all creditors or debt collectors will accept a reduction in the balance, interest rate, or fees a customer owes such creditor or debt collector.
    • Pending completion of the represented debt-relief services, the customer's creditors or debt collectors may pursue collection efforts, including initiation of lawsuits.
    • That the use of the debt-relief service will likely adversely affect the consumer's creditworthiness, may result in consumers being sued by their creditors, and may increase the amount owed to creditors as a result of the accrual of additional fees and interest.
    • Savings a customer realizes from use of a debt-relief service may be taxable income.

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