This bill amends and reenacts certain provisions of Louisiana's laws regarding deferred presentment transactions and small loans. It introduces a new definition for the "Consumer Price Index for All Urban Consumers," which is the index published by the United States Bureau of Labor Statistics. The bill 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, it mandates that the office of financial institutions publish a new maximum outstanding principal balance each year, calculated 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 their participation in deferred presentment transactions or small loans. Overall, the bill seeks to enhance consumer protections while also updating the financial regulations surrounding these types of transactions.

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)
HB582 Act 510: 9:4(A)(1)