Louisiana Consumer Protections: Louisiana allows payday lending with a $500 cap and tiered fee structure. The Office of Financial Institutions regulates all consumer lenders. Louisiana has one of the highest poverty rates in the nation, making consumer-protection context especially important. Complaints can be filed with OFI or the Attorney General.
Interest Rate Cap: Louisiana usury cap: 12% default rate; payday loans exempt with fees up to $20 per $100 ($350 max) or 16.75% per $100 ($350+).
Key Regulations: - Payday loans capped at $350 with fee of $20 per $100; amounts over $350 (up to $500) at 16.75% per $100.
- Loan term must be between 14-30 days.
- Rollovers are limited; borrower cannot have more than $500 in outstanding payday loans.
- Licensed lenders regulated under the Louisiana Consumer Credit Law.
Federal protections: The FCRA gives you the right to dispute inaccurate credit report information for free. Credit repair companies cannot charge before performing services (Credit Repair Organizations Act).
Free resources: Get a free credit report annually at AnnualCreditReport.com.
File complaints with Louisiana Attorney General Consumer Protection Section.