Louisiana

In Louisiana, the state’s payday loan laws are stated in the Louisiana Deferred Presentment and Small Loan Act. The Louisiana Deferred Presentment and Small Loan Act gives legislature the right to regulate excess charges and put restrictions on payday loan lenders.

In the Louisiana Deferred Presentment and Small Loan Act it states that fees for a payday loan cannot exceed sixteen and seventy-five one hundredths percent of the face amount of the check issued. The Louisiana Deferred Presentment and Small Loan Act also states that if a loan remains unpaid at a contractual maturity, the lender can charge an amount equal to the rate of thirty-six percent.

The Louisiana Deferred Presentment and Small Loan Act prohibits any fees or service charges other than what’s provided in the loan agreement. The Louisiana Deferred Presentment and Small Loan Act also prohibits an threats of prosecution towards customers willing to make partial payment ($50 or greater).