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: https://www.ofi.state.la.us/
- File complaint: https://www.ofi.state.la.us/
Updated on:
