Louisiana Revised Statutes 6:969.3 – Exclusions
Terms Used In Louisiana Revised Statutes 6:969.3
- Commission: means the Louisiana Motor Vehicle Commission. See Louisiana Revised Statutes 6:969.6
- 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
- Lender: means the originator of credit under a consumer loan, as well as any assignee or transferee of the consumer's contract. See Louisiana Revised Statutes 6:969.6
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- 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
- Open-end credit: A credit agreement (typically a credit card) that allows a customer to borrow against a preapproved credit line when purchasing goods and services. The borrower is only billed for the amount that is actually borrowed plus any interest due. (Also called a charge account or revolving credit.) Source: OCC
A. Except as provided in Subsection B of this Section, this Chapter does not apply to any of the following:
(1) Extensions of credit to business entities, including government or governmental agencies or instrumentalities.
(2) Extensions of credit primarily for business, commercial, or agricultural purposes.
(3) Open-end credit transactions, including without limitation, revolving loan and lender credit card transactions that may involve the secured purchase money financing of a motor vehicle.
(4) Consumer credit transactions subject to the Louisiana Consumer Credit Law, La. Rev. Stat. 9:3510 et seq.
(5) Credit transactions by federally and state-chartered credit unions to their members.
(6) Federally related mortgage loans subject to La. Rev. Stat. 9:3503 et seq. and 12 U.S.C. § 1735F(7).
B. All persons financing the purchase or acquisition of a motor vehicle, irrespective of whether the transaction otherwise is subject to this Chapter, shall comply with the requirements of La. Rev. Stat. 32:1251 et seq. and the rules and regulations of the Louisiana Motor Vehicle Commission pertaining to advertising.
Acts 1999, No. 794, §1, eff. July 2, 1999.