6-631. Disclosures; penalty A. To the extent applicable, a licensee shall comply with the disclosure requirements of the truth in lending act. B. Each note or agreement evidencing a consumer lender loan shall contain the following disclosure statement in at least ten-point type that is in English and in Spanish and in close proximity to […]
6-632. Finance charges A. A licensee may contract for and receive finance charges on consumer loans that are not more than the following amounts: 1. On a consumer loan in an original principal amount of three thousand dollars or less, a consumer loan rate of thirty-six per cent. 2. On a consumer loan in an […]
6-633. Computation of finance charges A. A licensee shall compute and measure finance charges on consumer loans on unpaid balances outstanding from time to time. A licensee may also precompute finance charges on consumer loans on scheduled unpaid principal balances as provided in section 6-634. For the purposes of computing finance charges on consumer loans […]
6-634. Precomputation of consumer loan A. A precomputed consumer loan shall require repayment in substantially equal consecutive monthly installments of principal and finance charges combined. The first installment of a precomputed consumer loan is due not less than fifteen days but not more than forty-five days after the precomputed consumer loan is made. The licensee […]
6-635. Other allowable fees; annual reporting A. In addition to the finance charges authorized by section 6-632, a licensee may contract for and receive, and collect finance charges on, the following fees: 1. A delinquency charge in an amount equal to five percent of the amount of any installment not paid in full within seven […]
6-636. Insurance securing loan; cancellation; notice A. The following types of insurance may be sold to the consumer in connection with a consumer lender loan and the consumer may contract for: 1. Property insurance covering any property securing a consumer lender loan. 2. Life insurance insuring the life of one or more consumers obligated on […]
6-637. Term; payments A. The scheduled term of a consumer loan shall not be longer than the following: 1. Twenty-four months and fifteen days from the date of making a consumer loan of one thousand dollars or less. 2. Thirty-six months and fifteen days from the date of making a consumer loan of more than […]
6-638. Other insurance A. A licensee who is licensed to sell life insurance pursuant to title 20 may sell and include in the principal amount of a consumer lender loan the cost of the premium for life insurance that is not for credit if all of the following apply: 1. The insurance policy or certificate […]
6-639. Loans from theft or fraud; consumer not responsible; correction of credit information A licensee may not hold a person responsible for any loan amount that is incurred as a result of a violation of section 13-2008, 13-2009, 13-2010 or 13-2310. Within thirty days after a licensee is aware that a loan is a result […]
