Louisiana Administrative Code
Title 46 - PROFESSIONAL AND OCCUPATIONAL STANDARDS
Part V - Automotive Industry
Subpart 3 - Motor Vehicle Sales Finance
Chapter 71 - General Provisions
Section V-7103 - Definitions

Chapter-R.S. 6:969.1, et seq.

Commission-Louisiana Motor Vehicle Commission.

Consumer Credit Sale-the sale of a motor vehicle on credit under which the seller acquires a purchase money security interest in the purchased vehicle, and incident to which a credit service charge is charged and the consumer is permitted to defer all or part of the purchase price or other consideration in two or more installments excluding the down payment. A consumer credit sale does not include a lease of a motor vehicle under any circumstance, whether or not the lease constitutes a true lease or financed lease within the context of the Louisiana Lease of Movables Act, R.S. 9:3301, et seq. A consumer credit sale may be secured by other collateral in addition to the purchased vehicle.

Consumer Loan-a loan of money or its equivalent made by a lender, the proceeds of which are used by the consumer to purchase or refinance the purchase of a motor vehicle, or which proceeds are used for personal, family, or household purposes, including debts created by the use of a lender credit card, revolving loan account, or similar arrangement, as well as insurance premium financing, with the lender acquiring a purchase money security interest in the purchased motor vehicle. A consumer loan may be secured by other collateral in addition to the purchased vehicle. The provisions of this Paragraph shall not apply to a consumer loan made pursuant to the Louisiana Deferred Presentment and Small Loan Act, R.S. 9:3578.1 et seq.

Person-an individual or corporation, partnership, limited liability company, trust, association, joint venture pool, syndicate, sole proprietorship, unincorporated organization, or any other form of entity not specifically listed herein.

AUTHORITY NOTE: Promulgated in accordance with R.S. 6:969.40(D).