Louisiana Revised Statutes 9:3313 – Additional lease related charges
Terms Used In Louisiana Revised Statutes 9:3313
- Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Personal property: All property that is not real property.
- Usury: Charging an illegally high interest rate on a loan. Source: OCC
A. Both true and financed lease agreements, whether for consumer or commercial purposes, may contractually provide for the assessment, imposition, and collection of the following additional lease related charges:
(1) Taxes, including but not limited to sales, lease, use, excise, and personal property taxes.
(2) Reasonable excess mileage or use charges.
(3) License, title, and registration fees.
(4) Fees for preparation of lease agreements and other documents related to the transaction.
(5) Notarial fees.
(6) Recordation fees.
(7) Repair, maintenance and other fees incident to the use of the leased equipment by the lessee.
(8) Refundable security deposits.
(9) Voluntary credit life and credit accident and disability insurance as provided under La. Rev. Stat. 9:3332.
(10) Property insurance as provided under La. Rev. Stat. 9:3333.
(11) Early termination charges as provided under La. Rev. Stat. 9:3316.
(12) Reasonable excess wear and tear charges.
(13) Reasonable attorney’s fees not to exceed twenty-five percent of the total amount payable under the lease.
(14) NSF check charges as provided under La. Rev. Stat. 9:3529.
(15) Late charges as provided under La. Rev. Stat. 9:3314.
(16) Deferral charges as provided under La. Rev. Stat. 9:3315.
(17) Such additional related charges as may be contractually agreed to by the lessee.
B. Such additional lease related charges shall not be considered interest and are exempt from conventional interest rate and usury limitations as well as the limitations of La. Rev. Stat. 9:3312(A).
Acts 1985, No. 592, §1, eff. July 13, 1985; Acts 1986, No. 213, §1.