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:

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