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Coding: Words which are struck through are deletions from existing law;
words in boldface type and underscored are additions.
Regular Session, 2010 ENROLLED
SENATE BILL NO. 725
BY SENATOR DUPLESSIS
AN ACT1
To amend and reenact R. S. 9:3514(B), 3530(C)(1), and 3578.4(A), relative to consumer2
credit contracts; to provide for the contents of credit contracts and agreements; to3
provide for a change in documentation fees charged by a lender; to allow for a4
delinquency charge on deferred presentment transactions; and to provide for related5
matters.6
Be it enacted by the Legislature of Louisiana:7
Section 1. R.S. 9:3514(B), 3530(C)(1), and 3578.4(A) are hereby amended and8
reenacted to read as follows: 9
§3514. Agreement to contract; disclosures of the contract10
* * *11
B. Written credit contracts and agreements shall accurately reflect the actual12
terms, conditions, applicable amount of fees, and repayment schedule agreed to by13
the parties. If a loan is to be repaid on demand, in a lump sum, or at undefined14
intervals of time, interest on the loan shall be computed by the actuarial or simple15
interest method when allocating payments made on the loan.16
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§3530. Fees; origination; notary, documentation; over-the-credit-limit fee18
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C.(1) A lender may charge a documentation fee as reimbursement for actual20
costs incurred, not to exceed five dollars in an amount not to exceed one-half of21
the amount authorized in Paragraph (4) of this Subsection, in connection with22
a non-real estate consumer loan transaction.23
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§3578.4. Finance charge and fees25
A.(1) In conjunction with a deferred presentment transaction or small loan,26
a licensee may charge a fee not to exceed sixteen and seventy-five one hundredths27
ACT No. 668 SB NO. 725 ENROLLED
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Coding: Words which are struck through are deletions from existing law;
words in boldface type and underscored are additions.
percent of the face amount of the check issued or in the case of a small loan, the1
equivalent rate of interest, provided however that such fee or interest does not exceed2
forty-five dollars, regardless of the name or type of charge.3
(2) However, if the loan remains unpaid at contractual maturity, the licensee4
may charge one of the following:5
(a) an An amount equal to the rate of thirty-six percent per annum for a6
period not to exceed one year and beginning one year after contractual maturity, the7
rate shall not exceed eighteen percent per annum.8
(b) A one-time delinquency charge as authorized in R.S. 9:3527(A)(1).9
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PRESIDENT OF THE SENATE
SPEAKER OF THE HOUSE OF REPRESENTATIVES
GOVERNOR OF THE STATE OF LOUISIANA
APPROVED: