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Louisiana
Repossession Laws
Quick Answers:
Where do I refer to for Title or
License Registration?
For state Title and License Information,
refer to:
By mail:
Office of Motor Vehicles
P.O. Box 64886
Baton Rouge, LA 70896
In person:
Office of Motor Vehicles
7979 Independence Blvd.
Baton Rouge, LA 70806
Security Interests:
Shown on
title held by lienholder.
Recording Requirements:
Recorded on Parish basis. Liens on
motor vehicles must be recorded on
title.
Recovery Requirements:
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.
Redemption Requirements:
Not permitted after sale of
collateral. (Some question if
conditional sales repossessions are
valid).
Deficiency Requirements:
Not permitted unless seized through
the court pursuant to a chattel
mortgage foreclosure and sale.
Confession notes are invalid.
Special Motor Vehicle Provisions:
Chattel
mortgages recorded on Certificate
with the Commissioner of Motor
Vehicles Div. and another with the
Clerk of Court in Parish where
debtor resides.
Documents Required to Transfer
Ownership of Motor Vehicle:
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.
Quick-Repo.com does not warrant the accuracy of these laws. The laws
listed on Quick-Repo.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 service there.
View
repo laws at
RepoLaws.info and
repossession laws at
RepossessionLaws.info
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