Louisiana Revised Statutes & Codes

La. Rev. Stat. § 9:3514 (2026)

A. The parties to a transaction other than a consumer credit transaction may contract with one another that such transaction shall be subject to the provisions of this Chapter, in which event the transaction shall be a consumer credit transaction within the provisions of this Chapter. Notwithstanding the foregoing, the parties to a consumer credit transaction otherwise subject to the Motor Vehicle Sales Finance Act, R.S. 6:969.1 et seq. may not contract to become subject to the provisions of this Chapter. Unless a creditor is exempt from the licensing requirements of this Chapter under R.S. 9:3560, a creditor may not contract more than four transactions under the provisions of this Chapter over any calendar year without first complying with the licensing requirements under Part IX of this Chapter.

✓ current as of May 2026

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§3514. Agreement to contract; disclosures of the contract

A. The parties to a transaction other than a consumer credit transaction may contract with one another that such transaction shall be subject to the provisions of this Chapter, in which event the transaction shall be a consumer credit transaction within the provisions of this Chapter. Notwithstanding the foregoing, the parties to a consumer credit transaction otherwise subject to the Motor Vehicle Sales Finance Act, R.S. 6:969.1 et seq. may not contract to become subject to the provisions of this Chapter. Unless a creditor is exempt from the licensing requirements of this Chapter under R.S. 9:3560, a creditor may not contract more than four transactions under the provisions of this Chapter over any calendar year without first complying with the licensing requirements under Part IX of this Chapter.

B. Written credit contracts and agreements shall accurately reflect the actual terms, conditions, applicable amount of fees, and repayment schedule agreed to by the parties. If a loan is to be repaid on demand, in a lump sum, or at undefined intervals of time, interest on the loan shall be computed by the actuarial or simple interest method when allocating payments made on the loan.

Acts 1988, No. 244, §2; Acts 1995, No. 1184, §2; Acts 1999, No. 1315, §1, eff. Jan. 1, 2000; Acts 2001, No. 877, §2; Acts 2003, No. 340, §1; Acts 2010, No. 668, §1.

Notes of Decisions

Cited in 7 cases, 1981–2000 · leading case: Coffey v. Peoples Mortg. & Loan of Shreveport, 408 So. 2d 1153 (La. Ct. App. 1981).

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Coffey v. Peoples Mortg. & Loan of Shreveport, 408 So. 2d 1153 (La. Ct. App. 1981). “Notwithstanding the express exclusions of that law, LRS 9:3514 allows the parties to any excluded transaction to contract with one another that the transaction shall be governed by the Consumer Credit Law.”

Floyd v. Baton Rouge Sash & Door Co., 502 So. 2d 1073 (La. 1987). · cites it 12× “R.S. 9:3514, has been interpreted by the court of appeal in this case to permit a lender, who is not a licensed lender nor a supervised financial organization, to charge and collect these interest rates (higher than twelve percent) on a non-consumer loan where the borrower and…”

Voitier v. First Nat'l Bank of Com., 514 F. Supp. 585 (E.D. La. 1981). · cites it 3× “LSA-R.S. 9:3514 (West.Pamph. 1951 to 1979) (emphasis added).”

Spencer v. Boucher, 587 So. 2d 97 (La. Ct. App. 1991). “LSA-R.S. 9:3514 provides that, “The parties to a transaction, other than a consumer credit transaction .”

Floyd v. Baton Rouge Sash & Door Co., 491 So. 2d 679 (La. Ct. App. 1986). · cites it 2× “Defendant appealed suspensively, contending the trial court erred as a matter of law in failing to find that, pursuant to LSA-R.S. 9:3514, the parties to a contract can agree that the loan will be subject to the Louisiana Consumer Credit Law, with its more liberal interest rate…”

Randall v. St. Charles Mortg. & Loan Inc., 756 So. 2d 514 (La. Ct. App. 2000). “R.S. 9:3514 and 9:3519; Coffey v. Peoples Mortgage & Loan of Shreveport, Inc.”

Fid. Funds, Inc. v. Price, 491 So. 2d 681 (La. Ct. App. 1986). “However, LSA-R.S. 9:3514 permits parties to an agreement to contract that their agreement will be governed by the provisions of the Consumer Credit Law.”

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