LOU LEG Presentment Transactions Loan

Updated on: Jul 8, 2025

Latest Event


  • Jul. 2025 LOU LEG Bill Approval
  • On Jul. 1, 2025, LOU LEG approved bill without governor's signature, became Act 510.

On Jun. 4, LOU LEG passed bill re deferred presentment transactions.

  • LOU LEG passed Bill HB 582 re deferred presentment transactions and small loans.
  • Bill amends Louisiana revised statutes LOU LEG 9:3578.3 and LOU LEG 9:3578.4(A)(1) and to enact new subsections LOU LEG 9:3578.4(D) and LOU LEG 9:3578.6(A)(9).
  • Document dated Jun. 4, 2025, received from LOU LEG Jun. 9, summarized on Jun. 11.
  • Overview
  • Defined commissioner, deferred presentment transaction, loan, Consumer Price Index for All Urban Consumers, licensee, partial payment, prepayment, and small loan.
  • Increased monetary amount for deferred presentment transaction from $350 to $700.
  • Removed the provision that allows a licensee to charge the equivalent rate of interest on a small loan and also prohibits the fee or interest from exceeding $45.00.
  • Required the office of financial institutions, beginning on or before Sep. 1 of each year, to publish a new maximum outstanding principal balance permitted on its website.
  • Also provided formula for how the new amount shall be calculated, prohibits a licensee from reporting negative customer data to any credit bureau or credit reporting service.
  • Legislative History
  • On Apr. 14, 2025, bill introduced in House; on May 12, 2025, bill was passed in House.
  • On May 13, 2025, bill introduced to Senate; on Jun. 3, 2025, amended bill passed.
  • On Jun. 3, 2025, bill returned to House; on Jun. 4, 2025, amendments concurred in.
  • Effectiveness
  • If an effective date is not provided in the bill text, the bill will always become effective on Aug. 1 of the year that the bill passed the Legislature, so effective on Aug. 1, 2025.
  • Jul. 2025 LOU LEG Bill Approval
  • On Jul. 1, 2025, LOU LEG approved bill without governor's signature, became Act 510.
Regulators
LOU LEG
Entity Types
Bank; CNSM; Corp; Thrift
Reference
Act 510, Bill HB582, 7/1/2025; Bill HB582, 6/4/2025; Citation: *LOU LEG* 9:3578.3, 9:3578.4, 9:3578.6;
Functions
Compliance; Financial; Legal; Record Retention; Registration/Licensing; Reporting
Countries
United States of America
Category
State
N/A
Products
Banking; Loan
Rule Type
Final
Regions
Am
Rule Date
Jun 4, 2025
Effective Date
Aug 1, 2025
Rule ID
257816
Linked to
N/A
Reg. Last Update
Jul 1, 2025
Report Section
US Banking