It is a rather free translation (lit. "Love is taken up by the choice of the soul, not put down"), but otherwise accurate.
The sentiment was written by Publilius Syrus, 1st century BC author (IIRC) of a series of short quotes. I think he was a quickie playwright, and the book represents a collection of memorable lines that has been added to over the centuries, so I can't even say if these were his original words (think of what your opinion of Shakespeare would be if all you had of his writing was what made it into Bartlett's Quotations, and then various writers who wanted to add their own quips added to it under his name).
In any event, the Latin quote is--like the dialogue in most Roman plays--in an iambic meter.
