Louisiana Revised Statutes 9:3534 – Fees; attorney, collection agency
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Terms Used In Louisiana Revised Statutes 9:3534
- 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
- Contract: A legal written agreement that becomes binding when signed.
- Unpaid debt: as used in this Chapter means the total of the amount financed, loan finance charges, default charges, and delinquency charges including the amount due at the time of default plus all interest which may accrue from the time of default until the entire balance is paid. See Louisiana Revised Statutes 9:3516
A. Any consumer credit transaction agreement may provide for the payment by the consumer of attorney’s fees not in excess of twenty-five per cent of the unpaid debt after default and referral to an attorney for collection.
B. An extender of credit may not contract with a consumer for the reimbursement of fees paid to a collection agency employed to collect the consumer’s indebtedness.
Acts 1986, No. 584, §1, eff. July 2, 1986.