Louisiana Revised Statutes 9:3526 – Variable rates
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Terms Used In Louisiana Revised Statutes 9:3526
- Commissioner: means the commissioner of financial institutions. See Louisiana Revised Statutes 9:3516
- Consumer: means a natural person who purchases goods, services, or movable or immovable property or rights therein, for a personal, family, or household purpose and includes a purchaser or buyer in a consumer credit sale or transaction made with the use of a seller credit card or otherwise, or a borrower or debtor in a consumer loan, revolving loan account, or a lender credit card. See Louisiana Revised Statutes 9:3516
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Variable Rate: Having a "variable" rate means that the APR changes from time to time based on fluctuations in an external rate, normally the Prime Rate. This external rate is known as the "index." If the index changes, the variable rate normally changes. Also see Fixed Rate.
A. Licensed lenders and supervised financial organizations may enter into variable rate consumer credit transactions under this Chapter in the manner provided under La. Rev. Stat. 6:242(A)(2) and regulations issued by the commissioner.
B. Licensed lenders and supervised financial organizations may also enter into graduated payment mortgage loans and adjustable rate mortgage loans under this Chapter in the manner provided under La. Rev. Stat. 9:3504(C) and 3504(D), respectively.
Acts 1986, No. 584, §1, eff. July 2, 1986.