Louisiana Revised Statutes 51:911.46 – Down payments, sale of manufactured housing
Terms Used In Louisiana Revised Statutes 51:911.46
- Contract: A legal written agreement that becomes binding when signed.
- developer: includes "contractors" and "residential contractors" as defined in Louisiana Revised Statutes 51:911.22
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Retailer: means any person who is engaged wholly or in part in the business of buying, selling, distributing, brokering, or exchanging an interest in a manufactured or modular home with the intent to make a profit, monetary gain, or any thing of economic value. See Louisiana Revised Statutes 51:911.22
It is unlawful for a retailer or developer to set forth in any retail installment sales contract, chattel mortgage, or security agreement any down payment unless all of the down payment has actually been received by the retailer or developer at the time of execution of such document. If any part of the down payment is represented by a loan, trade-in, or any consideration other than cash, this fact shall be expressly set forth on the retail installment sales contract, chattel mortgage, or security agreement. No amount of the cash down payment shall be from any rebate or other consideration received by or to be given to the consumer from the retailer or developer, or his respective agent.
Acts 1986, No. 808, §1; Acts 1997, No. 1116, §2; Acts 1997, No. 1294, §6, eff. July 15, 1997; Acts 2001, No. 718, §2; Acts 2017, No. 221, §1.