Title 6, Banks and Banking
0 chapters · 809 sections in this title.
La. Rev. Stat. § 6:965 Scope and definitions
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§965. Scope and definitions A. This Chapter may be cited as the "Additional Default Remedies Act". B. This Chapter provides additional remedies on default by the debtor under a secured transaction under Chapter 9 of the Louisiana Commercial Laws, R.S. 10:9-101 et seq., R.S. 9:535…
La. Rev. Stat. § 6:966 Procedure
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§966. Procedure A.(1) The procedures set forth in this Chapter may be used to obtain possession and dispose of collateral following default by a debtor without previous citation and judgment to enforce a security interest evidenced by a security agreement or a lease. (2) Prior to…
La. Rev. Stat. § 6:966.1 Notice of repossession; contents; fees
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§966.1. Notice of repossession; contents; fees A. Within three business days of taking possession of collateral, a secured party who utilizes the additional default remedies provided by this Chapter to obtain possession of collateral shall deliver in person or send by mail a "Not…
La. Rev. Stat. § 6:967 Appeal from order
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§967. Appeal from order A suspensive appeal shall not be granted unless the debtor has answered the rule pleading that the debt was paid or extinguished, or that the debt or security interest is otherwise unenforceable, and the appeal has been applied for and the appeal bond file…
La. Rev. Stat. § 6:968 §§968, 969 Repealed by Acts 1974, No
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§968. §§968, 969 Repealed by Acts 1974, No. 466, §3.
La. Rev. Stat. § 6:969.1 Short title
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§969.1. Short title This Chapter shall be known and may be cited as the "Louisiana Motor Vehicle Sales Finance Act". Acts 1999, No. 794, §1, eff. July 2, 1999.
La. Rev. Stat. § 6:969.10 Consumer credit sale
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§969.10. Consumer credit sale A. Except as otherwise provided by R.S. 6:969.11, the maximum credit service charge for any consumer credit sale that may be charged, contracted for, or received may not exceed: (1) Class 1. For any new motor vehicle designated by the manufacturer by…
La. Rev. Stat. § 6:969.11 Maximum charges after negotiations
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§969.11. Maximum charges after negotiations A. The obligation arising out of any consumer credit sale may be evidenced by a written contract which may provide for a credit service charge not in excess of the maximum loan finance charge rate which could be charged, contracted for,…
La. Rev. Stat. § 6:969.12 Maximum charges after maturity
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§969.12. Maximum charges after maturity In the case of a precomputed transaction which is unpaid at contractual maturity, the rate of the loan finance charge or the credit service charge for the period beginning as of contractual maturity until payment in full may not exceed the …
La. Rev. Stat. § 6:969.13 Leap years
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§969.13. Leap years The effects of a leap year may be disregarded for purposes of determining whether the annualized loan finance charge rate or credit service charge rate exceeds the maximum rate limitations provided in this Part. Acts 1999, No. 794, §1, eff. July 2, 1999.
La. Rev. Stat. § 6:969.14 Variable rates
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§969.14. Variable rates An extender of credit may enter into variable rate motor vehicle credit transactions under this Chapter in the manner provided under R.S. 6:242(A)(2). Acts 1999, No. 794, §1, eff. July 2, 1999.
La. Rev. Stat. § 6:969.15 Maximum delinquency charges
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§969.15. Maximum delinquency charges A. The parties to a motor vehicle credit transaction may contract for the payment of a delinquency charge on any installment or other regular payment not paid in full within ten days after its scheduled or deferred due date in either one of th…
La. Rev. Stat. § 6:969.16 Maximum deferral charges
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§969.16. Maximum deferral charges A. With respect to a precomputed transaction, the parties before or after default may agree in writing to a deferral of all or part of one or more unpaid installments, and the extender of credit may make and collect a charge not exceeding the con…
La. Rev. Stat. § 6:969.17 Charges for checks returned for insufficient funds
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§969.17. Charges for checks returned for insufficient funds The parties in a motor vehicle credit transaction may contract for an additional charge to be assessed if the consumer tenders a check in payment or a payment by electronic means and such check or electronic payment is r…
La. Rev. Stat. § 6:969.18 Documentation and compliance fees; notary fees; transfer of equity and other fees;
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§969.18. Documentation and compliance fees; notary fees; transfer of equity and other fees; disclosure A.(1) The extender of credit may charge the consumer up to a thirty-five dollar documentation fee for services performed in documenting a motor vehicle credit transaction. (2)(a…
La. Rev. Stat. § 6:969.19 Right to prepay
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§969.19. Right to prepay Notwithstanding any contrary provision of the consumer's contract, the consumer may prepay in full the unpaid balance at any time. An extender of credit may within its discretion accept the amount tendered by the consumer to be a prepayment in full of a s…
La. Rev. Stat. § 6:969.2 Scope
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§969.2. Scope A. Subject to the provisions of Subsections B and C of this Section, the parties to a motor vehicle credit transaction may agree that the law of the place where the motor vehicle credit transaction is entered into or the law of the residence of the consumer shall ap…
La. Rev. Stat. § 6:969.20 Rebates upon prepayment; prepayment charges; return of lien documents upon
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§969.20. Rebates upon prepayment; prepayment charges; return of lien documents upon payment in full of the balance due A. Upon prepayment in full of a precomputed transaction, the extender of credit shall refund unearned precomputed loan finance charges or credit service charges,…
La. Rev. Stat. § 6:969.21 Rebate after acceleration of maturity
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§969.21. Rebate after acceleration of maturity A. If the maturity of a precomputed transaction is accelerated for any reason and suit is filed, the obligation shall be credited with the same rebate required under R.S. 6:969.20(A) as if prepayment in full had been made as of the d…
La. Rev. Stat. § 6:969.22 Attorney fees
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§969.22. Attorney fees A motor vehicle credit contract may provide for the payment of collection and enforcement attorney fees by the consumer in an amount not to exceed twenty-five percent of the total amount payable under the transaction. Acts 1999, No. 794, §1, eff. July 2, 19…
La. Rev. Stat. § 6:969.23 Collection and enforcement costs and expenses
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§969.23. Collection and enforcement costs and expenses The consumer shall be obligated and responsible to reimburse the extender of credit for its out-of-pocket collection costs and expenses incurred in collecting the consumer's obligation and in enforcing the creditor's security…
La. Rev. Stat. § 6:969.24 Use of multiple agreements
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§969.24. Use of multiple agreements An extender of credit shall not divide a consumer loan into multiple agreements for the purpose of obtaining a higher loan finance charge than would otherwise be permitted. Acts 1999, No. 794, §1, eff. July 2, 1999.
La. Rev. Stat. § 6:969.24.1 Acts to lessen or eliminate competition prohibited
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§969.24.1. Acts to lessen or eliminate competition prohibited A. Any person or any affiliates thereof, subject to the provisions of this Chapter, shall be prohibited from making statements, threats, promises, acts, contracts, or offers of contracts that the intended or actual eff…
La. Rev. Stat. § 6:969.24.2 Mandatory sales prohibited
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§969.24.2. Mandatory sales prohibited It shall be a violation of this Chapter for any person subject to the provisions of this Chapter to require a seller to sell any insurance coverage, product, or service, which is provided, administered, or sold by a person or any affiliates t…
La. Rev. Stat. § 6:969.25 Consumer credit insurance
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§969.25. Consumer credit insurance A. An extender of credit may request or require a consumer to provide consumer credit insurance as additional security under the transaction. The extender of credit may also offer consumer credit insurance to the consumer for purchase on an opti…
La. Rev. Stat. § 6:969.26 Property insurance
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§969.26. Property insurance A. An extender of credit may, in addition, request or require a consumer to insure the secured motor vehicle and its use and operation, and any additional collateral securing the transaction, and include the cost of the insurance as a separate charge i…
La. Rev. Stat. § 6:969.27 Existing insurance
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§969.27. Existing insurance When consumer credit insurance is required in connection with a motor vehicle credit transaction, the extender of credit shall furnish the consumer a statement which shall clearly and conspicuously state that consumer credit insurance is required and t…
La. Rev. Stat. § 6:969.28 Limitations on insurance rates; contract requirements
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§969.28. Limitations on insurance rates; contract requirements Any insurance provided, sold, or obtained through an extender of credit shall be written at lawful rates and in accordance with the provisions of the Louisiana Insurance Code by a company authorized to do business in …
La. Rev. Stat. § 6:969.29 Choice of insurer
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§969.29. Choice of insurer The consumer shall have the privilege at the time of execution of the contract of purchasing any required or requested insurance from an agent or broker of his own selection and of selecting an insurance company acceptable to the extender of credit but,…
La. Rev. Stat. § 6:969.3 Exclusions
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§969.3. Exclusions A. Except as provided in Subsection B of this Section, this Chapter does not apply to any of the following: (1) Extensions of credit to business entities, including government or governmental agencies or instrumentalities. (2) Extensions of credit primarily for…
La. Rev. Stat. § 6:969.30 Conditions applying to insurance provided by the extender of credit
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§969.30. Conditions applying to insurance provided by the extender of credit If an extender of credit agrees with a consumer to obtain or provide insurance, the insurance shall either be evidenced by an individual policy or certificate of insurance delivered to the consumer, or s…
La. Rev. Stat. § 6:969.31 Cancellation of insurance; refund or credit upon cancellation
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§969.31. Cancellation of insurance; refund or credit upon cancellation A. When a motor vehicle credit transaction is paid in full for any reason, the insurance paid by the consumer and provided, sold, or obtained through the seller or extender of credit in connection therewith sh…
La. Rev. Stat. § 6:969.32 Gain from insurance
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§969.32. Gain from insurance Any gain or advantage to the seller or extender of credit, or any employee, officer, director, agent, general agent, affiliate, or associate, from such insurance or its provisions or sale shall not be considered as a further charge nor a further credi…
La. Rev. Stat. § 6:969.33 Effect of violations on rights of parties
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§969.33. Effect of violations on rights of parties A.(1)(a) If the court finds that the extender of credit has intentionally or as a result of error not in good faith violated the provisions of Part II of this Chapter regulating loan finance charges, credit service charges, and o…
La. Rev. Stat. § 6:969.34 Guidance by commission; advisory opinions
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§969.34. Guidance by commission; advisory opinions Any action taken by an extender of credit pursuant to any rulings or interpretive opinions made by the commission or made by its officers or attorneys shall not be deemed to be a violation of this Chapter. Advisory opinions and i…
La. Rev. Stat. § 6:969.35 Authority to make consumer loans; assignees; authority to issue debt waiver or debt forgiveness agreements
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§969.35. Authority to make consumer loans; assignees; authority to issue debt waiver or debt forgiveness agreements A.(1) Unless a person has first obtained a license from the commission or is exempt from licensing under R.S. 6:969.36, he shall not engage in the business of makin…
La. Rev. Stat. § 6:969.36 License not required
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§969.36. License not required A. All of the following shall be exempt from the licensing requirements of this Chapter: (1) Supervised financial organizations. (2) Trusts and trustees, including without limitation securitization trusts and trustees. (3) Assignees with no offices i…
La. Rev. Stat. § 6:969.37 Licensing procedures
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§969.37. Licensing procedures A.(1) The application for a license under this Chapter shall be in writing, under oath, and in the form prescribed by the commission. The application shall contain: (a) the name of the applicant; (b) date of incorporation or organization; (c) the add…
La. Rev. Stat. § 6:969.38 Denial, suspension, or revocation of licenses
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§969.38. Denial, suspension, or revocation of licenses A. Renewal of a license originally granted under this Chapter may be denied or a license may be suspended or revoked by the commission for any of the following grounds: (1) Material misstatements in the application for a lice…
La. Rev. Stat. § 6:969.39 Investigations and complaints
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§969.39. Investigations and complaints A. The commission, if it has reason to believe that any licensee or any other person has violated any of the provisions of this Chapter, shall have the power to make such investigations as it shall deem necessary and, to the extent necessary…
La. Rev. Stat. § 6:969.4 Waiver, agreement to forego rights
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§969.4. Waiver, agreement to forego rights A consumer may not waive or agree to forego rights or benefits under this Chapter except that a claim, if disputed in good faith, may be settled by compromise, agreement, or arbitration. Acts 1999, No. 794, §1, eff. July 2, 1999.
La. Rev. Stat. § 6:969.40 Powers of commission
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§969.40. Powers of commission A. The commission shall have the power to issue subpoenas to compel the attendance of witnesses and the production of documents, papers, books, records, and other evidence before it in any matter over which it has jurisdiction, control, or supervisio…
La. Rev. Stat. § 6:969.41 Fines imposed by the commission
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§969.41. Fines imposed by the commission A. Any person who willfully violates any provision of this Chapter shall be subject to a fine by the commission in an amount not to exceed five thousand dollars per violation. B. The commission may render judgment for costs, or any part th…
La. Rev. Stat. § 6:969.42 Venue for litigation or arbitration; choice of law
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§969.42. Venue for litigation or arbitration; choice of law A. A provision contained in any document relating to a motor vehicle credit transaction or debt waiver or debt forgiveness agreement that was entered into in the state of Louisiana requiring that litigation or arbitratio…
La. Rev. Stat. § 6:969.5 Repealed by Acts 2001, No
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§969.5. Repealed by Acts 2001, No. 1066, §1.
La. Rev. Stat. § 6:969.51 GAP coverage; requirements
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§969.51. GAP coverage; requirements A. Debt waiver or debt forgiveness agreements may be offered, sold, or provided to consumers in this state in compliance with this Chapter. B. Debt waiver or debt forgiveness agreements shall be sold for a single premium. C. Notwithstanding any…
La. Rev. Stat. § 6:969.52 Liability; contractual or insurance policies
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§969.52. Liability; contractual or insurance policies A. Contractual liability or other insurance policies insuring debt waiver or debt forgiveness agreements shall state the obligation of the insurer to reimburse or pay to the creditor any sums the lender is legally obligated to…
La. Rev. Stat. § 6:969.53 Cancellation
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§969.53. Cancellation A. Debt waiver or debt forgiveness agreements may be cancelled. Debt waiver or debt forgiveness agreements shall provide that if a consumer cancels a waiver within the "free-look period", the consumer shall be entitled to a full refund of the purchase price,…
La. Rev. Stat. § 6:969.54 Disclosures
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§969.54. Disclosures Debt waiver or debt forgiveness agreements shall disclose, as applicable, in writing and in clear, understandable language that is easy to read, the following: (1) The name and address of the initial lender and the consumer at the time of sale and the identit…
La. Rev. Stat. § 6:969.6 Definitions
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§969.6. Definitions As used in this Chapter: (1) "Administrator" means any person, except an employee of an administrator, who directly or indirectly solicits or effects coverage of, underwrites, collects charges or premiums from, or adjusts or settles claims on residents of this…