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Can anyone direct me regarding Louisiana SCRA regulations. I was under the impression that the State of Louisiana had enhanced SCRA protection - specifically, if the military member was co-signer on dependant's loan, they were entitled to the 6% cap even though the loan originated after the military member was inducted.
Optional Information: State/Country relating to question: Louisiana Already Tried: I have searched for this on the internet with no luck. I know that several states have expanded/enhanced SCRA protection (Illinois, CA, and I believe Louisiana).
Thanks for the chance to help. I am an attorney with over 12 years military law experience.Here is the law in question. Not sure it will help since it applies to the service member or the spouse.LA Rev Stat § 29:312§312. Limits on creditor interest ratesA. Notwithstanding any provision of law to the contrary, no creditor in connection with an obligation entered into on or after June 29, 2005, shall charge or collect from a person, or spouse of a person, who is on active duty interest or finance charges exceeding six percent per annum during the period that the person is deployed on active duty.B. Notwithstanding any provision of law to the contrary, interest or finance charges in excess of six percent per annum that otherwise would be incurred but for the prohibition in Subsection A of this Section are forgiven.C. The amount of any periodic payment due from a person, or spouse of a person, who is on active duty under the terms of the obligation shall be reduced by the amount of the interest and finance charges forgiven under Subsection B of this Section that is allocable to the period for which the periodic payment is made.D. In order for an obligation to be subject to the interest and finance charges limitation of this Section, the person, or spouse of the person on active duty, shall provide the creditor with written notice and a copy of the military or gubernatorial orders calling the person to active duty and of any orders further extending active duty, not later than one hundred eighty days after the date of the person's termination of or release from active duty.E. Upon receipt of the written notice and a copy of the orders referred to in Subsection D of this Section, the creditor shall treat the obligation in accordance with Subsection A of this Section, effective as of the date on which the person is on active duty.F. A court may grant a creditor relief from the interest and finance charges limitation of this Section, if, in the opinion of the court, the ability of the person, or spouse of the person, on active duty to pay interest or finance charges with respect to the obligation at a rate in excess of six percent per annum is not materially affected by reason of the person's service on active duty.Acts 2005, No. 296, §1, eff. June 29, 2005.
While this does offer some assistance, it is not complete. Having worked in the sub-prime auto lending industry for 24 years, and having had to deal with Louisiana SCRA issues, I know that Lousiana has expanded the general SCRA federal regs.
You have the statute. That is it. You can review the entire section herehttp://www.archives.gov/veterans/military-service-records/You see that there are a significant number of statutes that comprise the states "SCRA"This is the only one on interest ratesSorry to have to bear bad news
THe answer is correct. Yes...I understand it is not what you wanted to hear. But it is accurate. And frankly your rating is unfair.