Terms Used In Louisiana Revised Statutes > Title 13 > Chapter 5-C - Uniform Parish Court Jurisdiction and Procedure Act

• Annual percentage rate: The cost of credit at a yearly rate. It is calculated in a standard way, taking the average compound interest rate over the term of the loan so borrowers can compare loans. Lenders are required by law to disclose a card account's APR. ^{Source: FDIC}
• Bail: Security given for the release of a criminal defendant or witness from legal custody (usually in the form of money) to secure his/her appearance on the day and time appointed.
• Bailiff: a court officer who enforces the rules of behavior in courtrooms.
• Bench trial: Trial without a jury in which a judge decides the facts.
• Commissioner: means the commissioner of the office of financial institutions. See Louisiana Revised Statutes 9:3578.3
• 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 Louisiana Revised Statutes 9:3578.3

• Finance charge: The total cost of credit a customer must pay on a consumer loan, including interest. The Truth in Lending Act requires disclosure of the finance charge. ^{Source: OCC}
• Licensee: means a person licensed pursuant to this Chapter that offers deferred presentment transactions or small loans, or both. See Louisiana Revised Statutes 9:3578.3
• Partial payment: means a payment of fifty dollars or more on a deferred presentment transaction or small loan. See Louisiana Revised Statutes 9:3578.3
• 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. See Louisiana Revised Statutes 9:3578.3
• Small loan: means a consumer loan, as defined in Louisiana Revised Statutes 9:3578.3
• Truth in Lending Act: The Truth in Lending Act is a federal law that requires lenders to provide standardized information so that borrowers can compare loan terms. In general, lenders must provide information on ^{Source: OCC}