Louisiana Revised Statutes 9:3572.9 – Rebate upon prepayment
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Terms Used In Louisiana Revised Statutes 9:3572.9
- 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.
Whenever a lender that funded a brokered consumer loan or federally related mortgage loan is required to rebate unearned loan finance charges or credit service charges to the consumer due to prepayment or the acceleration of maturity, the loan broker shall refund to the lender the proportion of the broker’s fee that must be rebated by the lender. This refund shall be made within seven days of the lender’s furnishing proof to the broker of the required rebate.
Acts 1986, No. 729, §1; Acts 1997, No. 1419, §1.