La. Admin. Code tit. 10 § XI-1103

Current through Register Vol. 50, No. 11, November 20, 2024

Section XI-1103 - Definitions

A. Unless the context otherwise requires, as determined by the commissioner in his discretion, all terms used in this Chapter 11 shall have the same meanings as in the Louisiana consumer credit law, (LCCL), R.S. 9:3510 et seq., as amended, and the Louisiana Deferred Presentment and Small Loan Act, (LDPSLA), R.S. 9:3578.1 et seq., as amended. In addition, unless the context otherwise requires, as determined by the commissioner in his discretion, the following definitions set forth in Subsection B below, apply in this Chapter 11.

B. Definitions

Chapterthis Chapter 11 of Part XI of Title 10 of the Louisiana Administrative Code.

Commissionerthe commissioner of the Office of Financial Institutions for the state of Louisiana.

Deferred Presentment Transactiona 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 30 days prior to negotiation or presentment;

c. pays to the issuer of the check the amount of the check less the fee permitted in R.S. 9:3578.4(A). The amount paid to the issuer of the check may not exceed $350.

LCCL -the Louisiana consumer credit law, R.S. 9:3510 et seq., as amended.

LDPSLA -the Louisiana Deferred Presentment and Small Loan Act, R.S. 9:3578.1 et seq., as amended.

Lender Personnel -a person(s), as defined in R.S. 9:3516(24.1), who is employed by, contracted with, or engaged in the performance of services, that involve the general public, including, but not limited to, those that offer, market, negotiate, and/or sell deferred presentment transactions or small loans by or for a person licensed by the commissioner pursuant to the LCCL and the LDPSLA.

Person(s) -all persons, as defined in R.S. 9:3516(24.1) of the LCCL, licensed by the commissioner pursuant to the LCCL and the LDPSLA who engage in the business of making small loans and deferred presentment transactions pursuant to the LDPSLA.

Small Loan -a consumer loan, as defined in R.S. 9:3516(14), of $350 or less, made for a term of 60 days or less.

La. Admin. Code tit. 10, § XI-1103

Promulgated by the Office of the Governor, Office of Financial Institutions, LR 41537 (3/1/2015).

AUTHORITY NOTE: Promulgated in accordance with R.S. 49:950 et seq., R.S. 9:3554(A)(5), R.S. 9:3554(B), and R.S. 9:3578.8(A) and (B).