Louisiana Revised Statutes 6:969.23 – Collection and enforcement costs and expenses
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Terms Used In Louisiana Revised Statutes 6:969.23
- Consumer: means a natural person who enters into a consumer loan or consumer credit sale of a motor vehicle to be used primarily for personal, family, or household purposes. See Louisiana Revised Statutes 6:969.6
- creditor: means a seller in a consumer credit sale, or a lender in a consumer loan. See Louisiana Revised Statutes 6:969.6
- Motor vehicle: means any new or used transportation device, including automobiles, motorcycles, trucks, and other vehicles that are operated over the public highways and the streets of this state, but does not include traction engines, boat trailers, road rollers, implements of husbandry, and other agricultural vehicles. See Louisiana Revised Statutes 6:969.6
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
The consumer shall be obligated and responsible to reimburse the extender of credit for its out-of-pocket collection costs and expenses incurred in collecting the consumer’s obligation and in enforcing the creditor‘s security rights against the secured motor vehicle and any other collateral. The consumer shall be further obligated and responsible to reimburse the extender of credit for such additional collection costs and expenses as may be authorized under Chapters 3 and 9 of the Louisiana Commercial Laws, La. Rev. Stat. 10:3-101 et seq., and La. Rev. Stat. 10:9-101 et seq.
Acts 1999, No. 794, §1, eff. July 2, 1999.