Louisiana Revised Statutes 9:3578.5 – Rebate upon prepayment
Terms Used In Louisiana Revised Statutes 9:3578.5
- Deferred presentment transaction: means a transaction made pursuant to a written agreement whereby a licensee:
(a) Accepts a check from the issuer dated as of the date it was written;
(b) Agrees to hold the check for a period of time not to exceed thirty days prior to negotiation or presentment; and
(c) Pays to the issuer of the check the amount of the check less the fee permitted in La. See Louisiana Revised Statutes 9:3578.3
- Licensee: means a person licensed pursuant to this Chapter that offers deferred presentment transactions or small loans, or both. See Louisiana Revised Statutes 9:3578.3
- Prepayment: means payment in full of the deferred presentment transaction or small loan amount prior to the end of the term of that transaction or loan. See Louisiana Revised Statutes 9:3578.3
- Small loan: means a consumer loan, as defined in La. See Louisiana Revised Statutes 9:3578.3
Upon the prepayment in full of a deferred presentment transaction or small loan, during the first five days of the term of such transaction or loan only, the licensee shall refund any and all unearned charges by a method no less favorable to the consumer than the actuarial method, less twenty dollars of the original fee, which shall be considered earned and shall not be subject to refund. Should the consumer make prepayment after the first five days of the term of the transaction or loan, the licensee shall not be required to make any refund.
Acts 1999, No. 1315, §§1, 2, eff. Jan. 1, 2000.