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Louisiana Repo Laws - Repossession Laws
Because the Repo Laws - Repossession Laws may change from time to time, please check the Louisiana Courts website for updated and complete Repo Laws - Repossession Laws in Louisiana.
Repo Laws - Repossession Laws in Louisiana:
Where do I refer to for Title or License Registration? For state Title and License Information, refer to:
By mail:
Office of Motor Vehicles
Office of Motor Vehicles Shown on title held by lienholder.
Recording Requirements:
Recorded on Parish basis. Liens on
motor vehicles must be recorded on
title. The debtor is required to sign a voluntary surrender and release prior to the lienholder taking possession of the collateral.
Effective January 1, 2005,
Louisiana's Act 191 ( "Additional
Default Remedies Act" ) and Act 814
( "Notice of Repossession" ) permit
a "secured party" or "a lessor" to
take possession of collateral
without judicial process provided:
1. ) the Security Agreement, or
lease, contains the following
specific wording: "Louisiana law
permits repossession of motor
vehicles without judicial process",
2. ) prior to taking possession, a
notice of intent is sent to all
debtors, in writing, containing the
specific wording: "Louisiana law
permits repossession of motor
vehicles without further notice or
judicial process", 3. ) a "payment"
default exceeding 30 days ( monthly
installment contracts ) or 60 days (
weekly or bi-weekly contracts )
exists, 4. ) no "breach of the
peace" occurs in the act of
retaking, 5. ) the individual who
physically repossesses collateral
must be licensed by the State of
Louisiana-Office of Financial
Institutions, 6. ) in the event a
tow truck is used, the owner, or
operator, shall possess a common
carrier certificate issued by the
Louisiana Public Service Commission,
and 7. ) within three days of taking
possession, the secured party files
a "Notice of Repossession" with the
recorder of mortgages in the Parish
where the collateral was located and
with the appropriate official
Constable of the Justice of The
Peace Court, Constable or Marshal of
the City Court or the Parish Sheriff
as determined by the debtor's last
known address. Fees of $75.00 to the
"Recorder of Mortgages" and $250.00
to the appropriate "official" must
be paid at the time of filing. Both
a "Notice of Sale" and a "Notice of
Disposal" are follow-up requirements
and prerequisites to perfecting a
deficiency ( R. S. 10 : 9-613, et
seq. ). Act 670 allows a motor
vehicle dealer to use self-help if a
prospective purchaser fails to
return a credit rejected vehicle 25
days after delivery and after 48
hrs. notice.
Not permitted after sale of
collateral. (Some question if
conditional sales repossessions are
valid).
Not permitted unless seized through
the court pursuant to a chattel
mortgage foreclosure and sale.
Confession notes are invalid.
Chattel
mortgages recorded on Certificate
with the Commissioner of Motor
Vehicles Div. and another with the
Clerk of Court in Parish where
debtor resides. Title in lienholders name (any state) notarized Bill of Sale (showing amount, buyers name, date of sale) or title in lienholders name with lien released, Notarized affidavit of Repossession, completed notarized Bill of Sale.
Documents Required for Liquidation: Vehicle may be sold on any State's Lien Released and Lienholder Assigned Title provided it is "federally conforming" and is accompanied by a "notarized" Affidavit of Possession and a photocopy of the Debtor's signed Release. If Title is non-federally conforming, substitute a "federally conforming", "notarized" Bill of Sale in lieu of assigning said Title. All documents must be completed accurately and devoid of any type of white out or line out corrections.
Plates: Automobile license plates are not transferable. Remove license plate and surrender to the local Office of Motor Vehicles PRIOR to cancelling automobile insurance, or you can notify the Department of the sale by accessing the “Notice of Vehicle Transfer” page and entering the required information.
All recovery requirements and fees are current as of 2002.
Repo-Laws.com does not warrant the accuracy of these Repo Laws - Repossession Laws or recovery requirements. The Repo Laws - Repossession Laws or recovery requirements listed on Repo-Laws.com are only a starting point for reference, and are not meant to be legal advice or a replacement for legal console. Please consult a repo company in your area, county, or state if you have any questions about repossession there. |