Louisiana Revised Statutes 9:3541.21 – Definitions
Terms Used In Louisiana Revised Statutes 9:3541.21
- Agricultural purpose: means a purpose related to the production, harvest, exhibition, marketing, transportation, processing, or manufacture of agricultural products by a natural person who cultivates, plants, propagates or nurtures the agricultural products. See Louisiana Revised Statutes 9:3516
- Consumer: means a natural person who purchases goods, services, or movable or immovable property or rights therein, for a personal, family, or household purpose and includes a purchaser or buyer in a consumer credit sale or transaction made with the use of a seller credit card or otherwise, or a borrower or debtor in a consumer loan, revolving loan account, or a lender credit card. See Louisiana Revised Statutes 9:3516
- Consumer loan: means a loan of money or its equivalent made by a supervised financial organization, a licensed lender, or lender in which the debtor is a consumer, and the loan is entered into primarily for personal, family, or household purposes and includes debts created by the use of a lender credit card, revolving loan account, or similar arrangement, as well as insurance premium financing. See Louisiana Revised Statutes 9:3516
- Contract: A legal written agreement that becomes binding when signed.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Credit card: means any card, plate, coupon book, or other single credit device that may be used from time to time to obtain credit. See Louisiana Revised Statutes 9:3516
- lender credit card: includes a travel and entertainment credit card account that is not subject to loan finance charges or credit service charges. See Louisiana Revised Statutes 9:3516
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Person: as used in this Chapter means an individual or corporation, partnership, trust, association, joint venture pool, syndicate, sole proprietorship, unincorporated organization, or any other form of entity not specifically listed herein. See Louisiana Revised Statutes 9:3516
- Revolving charge account: means an arrangement between a seller or issuer of a seller credit card honored by the seller and a consumer pursuant to which:
(a) The creditor permits the consumer to purchase goods or services on a preauthorized basis;
(b) The creditor reasonably contemplates repeated transactions;
(c) The creditor may impose a credit service charge from time to time on the outstanding unpaid balance of the consumer's account;
(d) The amount of credit that may be extended to the consumer, up to any limit set by the creditor, is generally made available to the extent that any outstanding balance is repaid; and
(e) No credit service charges may be imposed upon the consumer for a billing period if the account is paid in full within a period of twenty-five days from the billing date. See Louisiana Revised Statutes 9:3516
- Revolving loan account: means an arrangement between a lender and a consumer pursuant to which:
(i) The creditor may permit the consumer to obtain consumer loan advances on a preauthorized basis;
(ii) The creditor reasonably contemplates repeated transactions;
(iii) The creditor may impose a loan finance charge from time to time on the outstanding unpaid balance of the consumer's account; and
(iv) The amount of credit that may be extended to the consumer under the account, up to any limit set by the creditor, is generally made available to the extent that any unpaid balance is repaid. See Louisiana Revised Statutes 9:3516
In this Part, the following words and terms have these meanings:
(1) “Consumer” means a natural person who purchases goods, services, or movable or immovable property or rights therein, for a personal, family, household, or agricultural purpose and includes a purchaser or buyer in a consumer credit sale or transaction made with the use of a seller credit card or otherwise, or a borrower or debtor in a consumer loan, revolving loan account, or a lender credit card.
(2) “Goods” means tangible objects bought or leased for use primarily for a personal, family, or household purpose, including certificates or coupons exchangeable for these goods which, at the time of the sale or subsequently, are to be so affixed to immovable property as to become a part of the immovable property whether or not severable therefrom.
(3) A “home solicitation sale” is a consumer credit sale of goods or services or both, other than motor vehicles, farm equipment, or services, in which the seller or a person acting for him engages in a personal solicitation of the sale at any place other than the business establishment of the seller and a consumer’s agreement or offer to purchase is given to the seller or a person acting for him. This definition shall include all telephone sales in which the seller has initiated contact regardless of his location, and the consumer’s agreement to purchase is made at the consumer’s home. It does not include a sale made pursuant to a preexisting revolving charge account, a catalogue credit sale, a preexisting consumer credit sale agreement providing for a series of sales, or a sale made pursuant to prior negotiations between the parties at a business establishment at a fixed location where goods or services are offered or exhibited for sale, or a sale that may have been initiated by the consumer by communication with the seller at his business establishment.
(4) “Person” means an individual, partnership, corporation, limited liability company, association, or other group, however organized.
(5) “Person who is aged” means a natural person who is sixty-five years of age or older.
(6) “Person with a disability” means a natural person who has a physical or mental impairment which substantially limits one or more major life activities.
(7) “Services” means work, labor, and services for other than a commercial or business and including services furnished in connection with the sale or repair of goods.
(8) “Transaction” means an agreement between a consumer and any other person, whether or not the agreement is a contract enforceable by action, and includes the making of, and the performance pursuant to, that agreement.
Acts 1997, No. 194, §1; Acts 2014, No. 811, §3, eff. June 23, 2014.