Louisiana Credit Laws
| INTEREST RATE | |
Legal rate of interest is one point over the average prime rate, not to exceed 14% nor be less than 7%. Usury limit for individuals is 12%, there is no limit for corporations. (As warned, you cannot evade the limit by forming a corporation when the loan is actually to an individual.) |
| STATUTE OF LIMITATIONS | (In Years) |
Open Acct: 3 - Written Contract 10 - Promissory Notes: 5 - Domestic Judgment 10 - Foreign Judgment 10 |
| BAD CHECK LAWS | (Civil Penalty) |
After 30 day written demand (certified or registered), twice check amount Attorney fees & court costs. |
| GENERAL GARNISHMENT EXEMPTIONS |
75% disposable earnigns per work week, but not less than 30 x fed. mm. hourly wage. |
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| HOMESTEAD EXEMPTION |
homestead exemption limit in Louisiana is $25,000 for real property. The property may not exceed 200 acres. A couple may not double these amounts. The homestead exemption may be claimed by the spouse or child of the deceased debtor. |
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ADDING FEES |
Any consumer credit transaction agreement may provide for the payment by the consumer of attorney's fees not in excess of twenty-five per cent of the unpaid debt after default and referral to an attorney for collection. B. An extender of credit may not contract with a consumer for the reimbursement of fees paid to a collection agency employed to collect the consumer's indebtedness. |