La. Admin. Code tit. 10 § XI-701
Current through Register Vol. 50, No. 11, November 20, 2024
Section XI-701 - Sale of Thrift Club MembershipA. A licensed or supervised lender may offer and sell thrift club memberships at any location where supervised loans are made. In addition, the cost of such thrift club memberships may, at the consumer's option, be payable from the proceeds of consumer loans and included in the amount financed, provided that: 1. the sale of the thrift club membership is not a factor in the approval of credit and this fact is clearly disclosed in writing to the consumer;2. in order to obtain the thrift club membership, the consumer gives specific affirmative written indication of his or her desire to purchase if after receiving written disclosure of the cost.La. Admin. Code tit. 10, § XI-701
Promulgated by the Department of Commerce, Office of Financial Institutions, LR 10:200 (March 1984).AUTHORITY NOTE: Promulgated in accordance with R.S. 6:727.