§ 6-1301 – Definitions
6-1301. Definitions In this chapter, unless the context otherwise requires: 1. " Advance fee" means a fee, interest or other consideration directly or indirectly received by a person prior to a loan of money or extension of credit or a commitment to loan money or extend credit being made by the person. Advance fees do […]
§ 6-1302 – Scope of chapter; exemptions
6-1302. Scope of chapter; exemptions A. Any person who acts as an advance fee loan broker shall register with the deputy director as provided in this chapter. A person who is not exempt under subsection B of this section and who advertises for, solicits or purports to be willing to make or procure a loan […]
§ 6-1303 – Application for registration
6-1303. Application for registration A. Application for registration as an advance fee loan broker may be made by any person. An application for registration shall be signed by the applicant and duly verified by oath. The application shall be filed with the deputy director and shall contain such information as the deputy director prescribes by […]
§ 6-1305 – Registration; renewal; reporting requirements
6-1305. Registration; renewal; reporting requirements A. The deputy director shall register the applicant as an advance fee loan broker when an applicant has fully complied with this chapter and the rules prescribed by the deputy director. B. The deputy director shall immediately notify the applicant on registering the applicant as an advance fee loan broker. […]
§ 6-1307 – Records
6-1307. Records Advance fee loan brokers shall maintain books, records and accounts in connection with transactions involving the receipt and disbursement of funds received by the advance fee loan broker. The books, records and accounts shall be maintained in accordance with generally accepted accounting practices and shall be subject to inspection at all times by […]
§ 6-1308 – Denial, revocation or suspension of registration
6-1308. Denial, revocation or suspension of registration A. The deputy director may deny, revoke or suspend the registration of an advance fee loan broker if the deputy director finds that: 1. The application for registration, any supplemental statement or any other document filed with the deputy director is incomplete, inaccurate or misleading. 2. The advance […]
§ 6-1309 – Prohibited acts
6-1309. Prohibited acts A. An advance fee loan broker shall not advertise, display, distribute, broadcast or televise or cause or permit to be advertised, displayed, distributed, broadcast or televised any false, misleading or deceptive statement or representation with regard to the rates, terms or conditions for loans or the likelihood of the loan or extension […]
§ 6-1310 – Noncompliance not to affect validity of loan
6-1310. Noncompliance not to affect validity of loan Failure to comply with the provisions of this chapter does not affect the validity or enforceability of any loan or extension of credit.