House Bill No. by Representative Lacombe amends existing laws regarding deferred presentment transactions and small loans in Louisiana. The bill introduces a new definition for the "Consumer Price Index for All Urban Consumers," which is essential for calculating the maximum outstanding principal balance for loans. It also revises the maximum amount that can be paid to the issuer of a check in a deferred presentment transaction, increasing it from three hundred fifty dollars to seven hundred dollars. Additionally, the bill mandates that the office of financial institutions publish the new maximum outstanding principal balance annually, based on the Consumer Price Index.

Furthermore, the bill includes a new provision that prohibits licensees from reporting any negative information about their customers to credit bureaus or credit reporting services. This aims to protect consumers from potential harm to their credit scores due to deferred presentment transactions or small loans. The bill also maintains the existing fee structure for these transactions, allowing a fee of up to sixteen and seventy-five one hundredths percent of the check's face amount, while eliminating previous caps on fees for small loans.

Statutes affected:
HB582 Original: 9:3(2), 9:4(A)(1)
HB582 Engrossed: 9:3(2), 9:4(A)(1)
HB582 Reengrossed: 9:3(2), 9:4(A)(1)
HB582 Enrolled: 9:4(A)(1)