Louisiana Payday Loan Laws and Regulations

Following are the rules and regulations pertaining to payday loan transactions for the State of Louisiana:

- Maximum loan: $350
- Loan Tenure: No more than 60 days
- Finance charge per $100: $30 per 14 days
- APR per $100: 780% for 14 days
- Collection fee: 1 NSF bank charge and 5% face value of check or $25, whichever is higher.
- Maximum finance rate and fees: 16.75% of face value of check not exceeding $45 with extra $10 for documentation. Default rates are 36% for the first year and 18% afterward.

Partial payment laws are in place, though no rollovers are permitted to borrowers within Louisiana. No specified amount of maximum loans is provided. Regulations regarding cooling off periods are also unspecified.

Louisiana Consumer Protection

The Louisiana Office of Financial Institutions regulates all payday loans within the state. All complaints and queries can be handled by them. They can be reached via office, phone, fax or email:

P.O. Box 94095
Baton Rouge, LA 70804
Phone: (225) 925-4660
Fax: (225) 925-4548
Website: http://www.ofi.state.la.us
Email: ofila@ofi.la.gov

Consumers are encouraged to read the laws of payday loans in Louisiana in order to get a better understanding before they decide to make an agreement. Any problems can be cleared out by the state regulators.

Interesting Facts About Louisiana

Louisiana is known for its colorful people, love of good food, good music, and good fun. There are a lot of interesting facts about Louisiana other than it is the crawfish capitol of the south, and home to the Swamp People of reality television fame.

  1. The longest bridge in the world to be over water is located in Metairie where the bridge crosses the lake Pontchartrain causeway. This causeway is twenty-four miles long.
  2. Louisiana got its name from King Louis XIV.
  3. Andrew Jackson was made famous by his participation in the Battle of New Orleans, but this battle was actually fought two weeks after the War of 1812 had already ended. It took another two weeks after the Battle of New Orleans before the word that the war was over reached Louisiana.
  4. The capitol building in this state is the tallest of all capitol buildings in the United States. It has thirty-four floors and stands 450 feet into the air.
  5. In 1983 the Special Olympics International Summer Games were hosted by LSU.
  6. Louisiana does not have counties like other states in the union have. This state is divided into parishes instead of counties.
  7. The Cajun people of Louisiana are direct descendants of the Acadians that were forced to leave Canada in the 1700s because they did not pledge allegiance to the King of England.
  8. This is the only state that makes reference to the Napoleonic Code in its laws.
  9. New Orleans has the oldest street railway system that is still in operation.
  10. State laws say that biting someone with your natural teeth is an assault violation, but if you bite someone using dentures, or false teeth you are committing aggravated assault.
  11. The official state dog is the Catahoula Leopard Dog, which is often referred to as a Catahoula Cur, or a Catahoula Hound.
  12. The state tree is the Bald Cypress.
  13. The state gemstone is the agate.
  14. The state freshwater fish is the white perch.
  15. The state has a state musical instrument, and that is the diatonic accordion.
  16. The state mammal is the black bear.
  17. The state insect is the honeybee.
  18. The state fossil is the petrified palm wood.
  19. The state flower is the magnolia.
  20. The state drink is milk.
  21. The state crustacean is the crawfish.
  22. The state colors are blue, white, and gold.
  23. The state bird is the brown pelican.
  24. The state reptile is the American alligator.
  25. The state wild-flower is the Louisiana iris.
  26. Louisiana did not become a state until 1812 even though the United States had purchased this land in 1803.
  27. Louisiana is called by many different nicknames. Some of these are the Creole State, the Bayou State, the Pelican State, and the Sugar State.
  28. Rayne, La. is the Frog Capitol of the world.
  29. Breaux Bridge, La. is the Crawfish Capitol of the world.
  30. Mamou is the Cajun Music Festival of the World.
  31. Boudin is a Louisiana sausage used to prepare many Cajun dishes and is typically made with rice’s, spices, and meats like alligator, crawfish, or pork.
  32. Jennings, La. is known as the Garden Spot of the state because the soil there is so rich and fertile.
  33. The state motto is “Union, Justice, Confidence”.
  34. Gueydan, La.  is known as the Duck Capitol of the United States.
  35. Natchitoches was established as a town in 1714, making it the oldest town in the state.
  36. The highest point in the state is located in Bienville Parish. This is Driskill Mountain and the total height is 535 feet above sea level, and the lowest point of elevation in the state exists in New Orleans at 8 feet above sea level.
  37. On Avery Island in 1862 a salt dome was discovered, and this is the oldest salt dome recorded.
  38. Louisiana was the home to the first opera to be performed in the United States. This took place in 1796 in New Orleans.
  39. The state song is “Give me Louisiana”.
  40. This state is the second largest producer of natural gas. It is responsible for supplying one-third of the total U.S. production of natural gas.

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