§3578.3. Definitions
As used in this Chapter, the following terms have the following meanings ascribed to them:
(1) "Commissioner" means the commissioner of the office of financial institutions.
(2) "Deferred presentment transaction" means a 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 thirty days prior to negotiation or presentment; and
(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 three hundred fifty dollars.
(3) "Licensee" means a person licensed pursuant to this Chapter that offers deferred presentment transactions or small loans, or both.
(4) "Partial payment" means a payment of fifty dollars or more on a deferred presentment transaction or small loan.
(5) "Prepayment" means payment in full of the deferred presentment transaction or small loan amount prior to the end of the term of that transaction or loan.
(6) "Small loan" means a consumer loan, as defined in R.S. 9:3516(14), of three hundred fifty dollars or less, made for a term of sixty days or less.
Acts 1999, No. 1315, §§1, 2, eff. Jan. 1, 2000.
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