LA HB513

Creates the Louisiana Consumer Alternative Installment Loan Act, allowing licensed lenders to charge up to 59% annual percentage rate on precomputed consumer loans of $5,500 or less as an alternative to existing rate structures under the Louisiana Consumer Credit Law

Requires loans to be repaid in substantially equal monthly installments, with borrowers entitled to pro-rata refunds of precomputed interest when paying off loans early

Prohibits lenders from requiring repayment via preauthorized electronic funds transfers or post-dated checks, and bars accepting post-dated checks or holding checks before deposit at or within 20 days of loan origination

Mandates loan agreements include disclosure that the business is licensed and regulated by the Louisiana Office of Financial Institutions with contact information for consumer complaints

Repeals the requirement that credit unions maintain aggregate fixed asset investments below 50% of total capital and reserves when opening new branch offices