CHAPTER 7.  LOANS

PART I.  LOANS BY EMPLOYERS

§691.  Maximum interest rate; penalty for violations

No person shall, whether for his own account or for that of any other person, advance money to any one of his employees at a greater rate of interest than eight percent per annum.  This provision shall not apply to financial institutions that are subject to R.S. 6:289.  Whoever violates the provisions of this Section shall be fined not less than twenty-five dollars nor more than one hundred dollars or imprisoned for not more than three months, or both.

Acts 2001, No. 814, §1.