Louisiana Administrative Code
Title 10 - FINANCIAL INSTITUTIONS, CONSUMER CREDIT, INVESTMENT SECURITIES AND UCC
Part XI - Consumer Credit
Chapter 7 - Powers
Section XI-701 - Sale of Thrift Club Membership
Universal Citation: LA Admin Code XI-701
Current through Register Vol. 50, No. 3, March 20, 2024
A. A licensed or supervised lender may offer and sell thrift club memberships at any location where supervised loans are made. In addition, the cost of such thrift club memberships may, at the consumer's option, be payable from the proceeds of consumer loans and included in the amount financed, provided that:
1. the sale of the thrift club membership is
not a factor in the approval of credit and this fact is clearly disclosed in
writing to the consumer;
2. in
order to obtain the thrift club membership, the consumer gives specific
affirmative written indication of his or her desire to purchase if after
receiving written disclosure of the cost.
AUTHORITY NOTE: Promulgated in accordance with R.S. 6:727.
Disclaimer: These regulations may not be the most recent version. Louisiana may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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