Louisiana Revised Statutes 9:3506 – Application
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Terms Used In Louisiana Revised Statutes 9:3506
- 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
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
The provisions of La. Rev. Stat. 9:3502-9:3506 shall apply only to conventional obligations bearing simple interest from date on the unpaid balance and shall not apply to or affect precomputed interest or discount loans; nor shall it affect the enforceability or collectibility of notes or obligations as provided in La. Rev. Stat. 9:3500. Notwithstanding the twelve percent simple interest rate limitations under La. Rev. Stat. 9:3503, the provisions of La. Rev. Stat. 9:3504 and 3505 shall apply to federally related mortgage loans subject to 12 U.S.C. § 1735f-5 that bear simple interest at rates in excess of twelve percent per annum.
Acts 1969, No. 28, §5; Acts 1986, No. 584, §2, eff. July 2, 1986; Acts 2004, No. 743, §3, eff. Jan. 1, 2005.