§ 198. Revocation and suspension of license
(a) If the Banking Board has reason to believe that grounds for suspension of a license exist it may suspend such license and shall send written notice to the licensee of such suspension stating in general, the grounds therefor and setting a date for hearing thereon. Such suspension shall not exceed a period of twenty […]
§ 199. Examinations; cease and desist orders; injunctions
(a) The Banking Board or its duly authorized representative may at any time and shall periodically investigate the business and examine the books, accounts, papers and records of each licensee pertaining to the business of making loans of $7,500 or less; provided, however, the investigation carried out under the provisions of this section by the […]
§ 200. Books and records; audits; annual reports
(a) Each licensee shall keep and use in his business such books and accounting records as are in accord with sound and accepted accounting practice and enable the Banking Board to determine whether the licensee is complying with this subchapter. The licensee’s system of records shall be accepted provided it discloses the information required under […]
§ 186. Renewal of loan
If a borrower desires to renew an existing loan for the purpose of obtaining additional cash a new contract shall be drawn up in its entirety and the prior loan shall be paid in full from the proceeds of the new loan. All legal papers in connection with the previous loan shall be stamped “PAID […]
§ 187. Certain collateral restricted
No licensee shall be permitted to accept real estate as collateral on a loan under this subchapter. No licensee shall enforce a lien on any item of household furniture in use except on order of a court after a finding that continued possession and use of the item by the borrower is not necessary to […]
§ 188. Loans made elsewhere
Any loan made outside this territory in conformity to the law of the place where made which would have been subject to the provisions of this subchapter had it been made in this territory after July 1, 1968, may be collected in this territory by a licensee or others, but the charges thereon which may […]
§ 189. Other business in the same office
A licensee may conduct a business of making loans under this subchapter within any office, suite, room or place of business in which any other business is solicited or engaged in, or in association or conjunction with any other business, unless the Banking Board shall find, after a hearing, that the conduct of such other […]
§ 190. Certain security interest charges
No charge for any examination, service, brokerage, commission, or other thing, or otherwise, shall be directly or indirectly made or contracted for, except as provided for in this subchapter and except for the following: (1) Taxes and fees prescribed by law that actually are or will be paid to public officials for determining the existence […]
§ 184. Maximum maturity and charges thereafter
Any loan contract subject to the provisions of this subchapter shall have an originally scheduled final installment date not later than 48 months, fifteen days from the date of the loan. Notwithstanding any other provisions of this subchapter the charges which may be collected on any loan made under this subchapter for the period beginning […]
§ 185. Requirements for making and payment of loans
(a) Every licensee shall— (1) mail or deliver to the borrower, or if more than one, to one of them, at the time of making a loan under this subchapter, a statement making the disclosures and furnishing the information required by the federal Truth-in-Lending Act with respect to the contract of loan. (2) give to […]