§969.11. Maximum charges after negotiations
A. The obligation arising out of any consumer credit sale may be evidenced by a written contract which may provide for a credit service charge not in excess of the maximum loan finance charge rate which could be charged, contracted for, or received in a consumer loan where the amount deferred is the same as the amount financed and the term is a corresponding term.
B.(1) Such written contract must be transferred or assigned to an assignee that is either licensed under this Chapter, or that is exempt from licensing under R.S. 6:969.36, within thirty-five days from the date of making.
(2) If such assignment is not made within the said time limit, the seller shall do all of the following:
(a) Notify the consumer that the contract, note, or agreement was not transferred or assigned.
(b) Credit the obligation with any amounts contracted for in excess of the credit service charge authorized by R.S. 6:969.10. Such computation shall be made as of the date of making and the consumer shall be notified of such credit.
(c) Provide the consumer, prior to the first installment due date, with a new payment schedule reflecting the change in terms.
(d) Notify the consumer of the address where payments are to be made if such address is different from the address previously given to the consumer.
Acts 1999, No. 794, §1, eff. July 2, 1999.
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