§ 7-3-40. Investigations and Examinations; Payment of Fees; Cooperation by Licensee
The department is authorized to investigate and examine the affairs, businesses, premises, and records of any applicant, licensee, or any other installment lender as often as it deems necessary to carry out the purposes of this chapter, regardless of whether such applicant, licensee, or other installment lender acts or claims to act under any other […]
§ 7-3-41. Subpoena Powers and Procedures
A subpoena issued pursuant to Code Section 7-3-40 may be served by: Registered or certified mail or statutory overnight delivery, return receipt requested, to the addressee’s business or personal mailing address; Examiners appointed by the department; or The sheriff of the county where such witness resides or is found or where the person in custody […]
§ 7-3-42. Impact of Felony Convictions of Licensee; Criminal Background Checks
The department shall not issue a license and may revoke a license if it finds that the applicant or licensee or any director, trustee, agent, owner, executive officer, or covered employee of the applicant or licensee has been convicted of a felony in any jurisdiction or of a crime which, if committed within this state, […]
§ 7-3-43. Suspension or Revocation of Licenses
The department may suspend or revoke a license if it finds that any ground exists which would require or warrant the denial of an application for the issuance or renewal of a license. The department may deny an application or suspend or revoke a license upon a finding that an applicant or a licensee has: […]
§ 7-3-44. Obligation to Provide Notice; Hearings; Compliance
Notice of the department’s intention to enter an order denying an application or suspending or revoking a license shall be sent to the applicant or licensee in writing by registered or certified mail or statutory overnight delivery addressed to the principal business address of such applicant or licensee. If a person refuses to accept service […]
§ 7-3-45. Cease and Desist Orders; Hearings; Reviews
The department may issue an order requiring a person to cease and desist immediately from unauthorized activities whenever it shall appear to the department that: Except as provided in paragraphs (2) and (3) of this subsection, a person has violated any law of this state or any rule, regulation, or order of the department. This […]
§ 7-3-15. Delivery of Copy of Contract or Itemized Statement; Receipts
In addition to any applicable disclosure requirements, at the time the installment loan is made, each licensee under this chapter shall deliver to the borrower or, if there are multiple borrowers, to one of the borrowers a copy of the loan contract or a written itemized statement in the English language showing in clear terms […]
§ 7-3-16. Additional Loan Fees; Interest; Penalties
On and after July 1, 2022, in addition to all other fees, license fees, fines, or other charges now or hereafter levied or assessed, there is imposed on each loan made pursuant to this chapter a fee of 0.125 percent of the gross loan amount. Such per loan fee shall become due on the making […]
§ 7-3-20. Requirements for Original and Renewal Licenses
Each applicant for an original or renewal license shall: Submit an application in writing, under oath, and in such form as the department may prescribe; Furnish to the Nationwide Multistate Licensing System and Registry the following information: The legal name and principal business address of the person applying for the license; The names and the […]
§ 7-3-21. Bonds Required
An applicant shall provide with its application a corporate surety bond issued by a bonding company or insurance company authorized to do business in this state and approved by the department. The bond shall: Be in a form satisfactory to the department; Be in the aggregate amount of $25,000.00 for the primary location to be […]