Louisiana Revised Statutes 6:969.42 – Venue for litigation or arbitration; choice of law
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Terms Used In Louisiana Revised Statutes 6:969.42
- debt forgiveness: is a n agreement whereby an extender of credit agrees with the consumer to waive any unpaid balance on a consumer loan, consumer credit sale or lease due to physical damage, total loss or constructive loss or unrecovered theft to the covered collateral secured by an eligible security device. See Louisiana Revised Statutes 6:969.6
- Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
- Motor vehicle: means any new or used transportation device, including automobiles, motorcycles, trucks, and other vehicles that are operated over the public highways and the streets of this state, but does not include traction engines, boat trailers, road rollers, implements of husbandry, and other agricultural vehicles. See Louisiana Revised Statutes 6:969.6
- Motor vehicle credit transaction: means a consumer loan or a consumer credit sale involving a Louisiana consumer, or that is otherwise made subject to this Chapter. See Louisiana Revised Statutes 6:969.6
- Supervised financial organization: means a banking, thrift, or similar organization organized, certified, and supervised by an agency of the United States of America, the state of Louisiana, or any other state pursuant to the banking, currency, and related laws of the United States of America, the state of Louisiana, or any other state. See Louisiana Revised Statutes 6:969.6
A. A provision contained in any document relating to a motor vehicle credit transaction or debt waiver or debt forgiveness agreement that was entered into in the state of Louisiana requiring that litigation or arbitration be conducted outside of this state is void and unenforceable.
B. Except as to a supervised financial organization, a provision contained in any document relating to a motor vehicle credit transaction or debt waiver or debt forgiveness agreement that was entered into in the state of Louisiana that seeks to apply any law other than Louisiana law to a dispute between the parties to such transaction is void and unenforceable.
Acts 2007, No. 131, §1, eff. June 25, 2007; Acts 2010, No. 374, §1.