2006 Louisiana Laws - RS 6:969.18 — Documentation fees; notary fees; transfer of equity and other fees; disclosure

§969.18.  Documentation fees; notary fees; transfer of equity and other fees; disclosure

A.(1)  The extender of credit may charge the consumer up to a thirty-five dollar documentation fee for services performed in documenting a motor vehicle credit transaction.

(2)  The seller may, in connection with any retail sale, including but not limited to a retail installment transaction, charge a fee for credit investigation, preparation of the documents necessary to perfect or satisfy a lien upon the objects sold, and any other functions incidental to the titling of the retail sale.  The maximum amount permitted to be charged shall be thirty-five dollars.

(3)  The seller or extender of credit may additionally charge the consumer a convenience fee, as provided by R.S. 47:532.1(A)(7)(c), for services performed in obtaining a motor vehicle license or title on the consumer's behalf.

(4)  The fees provided for in this Section are not considered to be additional loan finance charges or credit service charges under this Chapter and are nonrefundable and not subject to rebate.

(5)  In the event the seller and the extender of credit are the same entity or a directly related entity, the maximum charge for all the services outlined in Paragraphs (1) and (2) of this Subsection shall be thirty-five dollars.

B.  A seller or extender of credit may charge the consumer a fifteen dollar fee for notarizing acts of sale, applications for license and title, and such other documents that are required to be notarized, which fee is not considered an additional loan finance charge or credit service charge, and which fee is nonrefundable and not subject to rebate.  Under no circumstances may the amount of notary fees charged in a single transaction exceed fifteen dollars in the aggregate.

C.  A consumer may transfer his equity in the secured motor vehicle at any time to another person upon written agreement by the then holder of the consumer's contract, but in such event the holder shall be entitled to receive a transfer of equity fee not to exceed twenty-five dollars.

D.  In connection with a motor vehicle credit transaction under which the consumer has the option to transfer title and ownership of the secured motor vehicle to the seller, the lender, or its assignee, at any time during the credit term, or at the maturity thereof, the extender of credit may permissibly contract for and receive payment of additional fees and charges payable at the time of subsequent sale or transfer, which additional fees and charges may include without limitation, disposition fees, excess wear and tear fees, and excess mileage charges.

E.  To the extent not otherwise limited in amount or prohibited by this Chapter, an extender of credit may contract for and receive payment of additional fees and charges not specifically mentioned hereunder, provided that such additional fees and charges are not considered to be additional finance charges for purposes of 12 C.F.R. 226.4.

F.  The seller in a consumer credit sale shall disclose to the consumer the amount and identity of each item, fee, or charge that is included in the cash price and the amount deferred under the transaction.  Such disclosure shall be made in conformity with 12 C.F.R. 226.18(c)(1).  Disclosures may be made either in the contract or in a separate writing.

Acts 1999, No. 794, §1, eff. July 2, 1999; Acts 2001, No. 877, §1; Acts 2003, No. 309, §1, eff. June 13, 2003; Acts 2004, No. 153, §1.