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#997556 - 07/17/08 12:02 PM Installment Rule (CA rule) Late Charges
RoseLaw Offline
Junior Member
Joined: Mar 2007
Posts: 49
Does anyone know if LA is an installment rule state for late charges?

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#999924 - 07/20/08 01:45 PM Re: Installment Rule (CA rule) Late Charges RoseLaw
Tigg Offline
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Tigg
Joined: Jan 2008
Posts: 6,389
Looking for My Happy Place....
I'm not sure exactly what you are asking, but LA Law pretty much follows REG Z and RESPA for guidelines with maximum amounts on late charges depending on the type of loan. I'm not familiar with CA Rule.
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#1005981 - 07/28/08 03:46 PM Re: Installment Rule (CA rule) Late Charges Tigg
RoseLaw Offline
Junior Member
Joined: Mar 2007
Posts: 49
I am being told that LA uses the "current installment due" rule for assessment of late charges. I cannot find this anywhere and disagree. "current installment" rule (like many UCCC states) for purposes of assessing a late fee only, payment is applied first to current payments due and then to delinquent payments.

Does anyone know if this is correct. I'm being told the same thing for IL, MA and NJ.

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#1006164 - 07/28/08 05:22 PM Re: Installment Rule (CA rule) Late Charges RoseLaw
Ski Offline
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Joined: May 2003
Posts: 639
South Louisiana
I am provideing you with a link to the appropriate Louisiana Consumer Credit Law (LCCL) citation:

http://www.la-notary.com/rs9/rs9_3_12_1.html

Hope this helps.

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#1006169 - 07/28/08 05:24 PM Re: Installment Rule (CA rule) Late Charges Ski
Ski Offline
Platinum Poster
Joined: May 2003
Posts: 639
South Louisiana
Sorry, it should read L.R.S. 9:3527(c)

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