Payday Loan Laws Legislation On Payday Lending And The Cash Advance Industry

Louisiana Payday Loan Laws

Max Term of Payday Loan: 30 days
Max Fees and Finance Charges: The greater of 16.75% or $454
Maximum Loan Amount: $300
Number of Rollovers: None (cannot renew or rollover but licensee may accept partial payment of 25% of amount advanced plus fees and enter into new loan)
Outstanding loans allowed at one time: Not specified
Cool-off period: Not specified
Military Protection: Not specified
Payment Plan: Not specified
Limits on collection and presentment: Not specified
Collection fees: One NSF fee of actual bank charge (if disclosed) + the greater of $25 or 5% of check (if disclosed); Court costs; Reasonable attorney's fee
Presentment Limit: Not specified
Penalties: Civil Fines, Suspension or revocations of license; Cease and Desist Order; Criminal
Private right of action: Yes

Louisiana Payday Loan Laws:

Louisiana requires payday lenders to be licensed. And prohibits them from attaching property when collecting on payday loans.

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