Section 28-46-412 – PAYDAY LOAN PROCEDURES.
28-46-412. PAYDAY LOAN PROCEDURES. (1) Each payday loan must be documented in a written agreement signed by the borrower. The loan agreement must include the name of the licensee, the loan date, the principal amount of the loan, and a statement of the total amount of fees charged as a condition of making the loan, […]
Section 28-46-413 – PAYDAY LOAN BUSINESS PRACTICES.
28-46-413. PAYDAY LOAN BUSINESS PRACTICES. (1) No licensee or person related to a licensee by common control may have outstanding at any time to a single borrower a loan or loans with an aggregate principal balance exceeding one thousand dollars ($1,000), plus allowable fees. (2) A payday lender shall not make a payday loan that […]
Section 28-46-414 – EXTENDED PAYMENT PLANS.
28-46-414. EXTENDED PAYMENT PLANS. A payday lender shall allow the borrower, upon request, to enter into an extended payment plan that meets the requirements of this section once during any consecutive twelve (12) month period, subject to the following provisions: (1) A payday lender is not required to enter into an extended payment plan with […]
Section 28-46-415 – DISCLOSURES.
28-46-415. DISCLOSURES. Before disbursing funds pursuant to a payday loan, a payday lender shall provide written notice in not less than twelve (12) point bold type and in all capitalized letters to the borrower stating the following: "1. Payday loans are intended to address short-term, not long-term, financial needs. 2. You will be required to […]
Section 28-46-402 – LICENSE REQUIRED.
28-46-402. LICENSE REQUIRED. (1) No person shall engage in the business of payday loans, offer or make a payday loan, or arrange a payday loan for a third party lender in a payday loan transaction without having first obtained a license under this chapter. A separate license shall be required for each location from which […]
Section 28-46-403 – QUALIFICATIONS FOR PAYDAY LOAN LICENSE.
28-46-403. QUALIFICATIONS FOR PAYDAY LOAN LICENSE. (1) To qualify for a license, an applicant shall satisfy the following requirements: (a) The applicant shall have liquid assets of at least thirty thousand dollars ($30,000) determined in accordance with generally accepted accounting principles, provided that applicants seeking to engage in the business of payday loans at more […]
Section 28-46-404 – APPLICATION FOR PAYDAY LOAN LICENSE.
28-46-404. APPLICATION FOR PAYDAY LOAN LICENSE. (1) Each application for a license shall be in writing and under oath to the administrator, in a form prescribed by the administrator, and shall include at least the following: (a) The legal name, residence and business address of the applicant and, if the applicant is an entity, of […]
Section 28-46-405 – DENIAL OF LICENSE.
28-46-405. DENIAL OF LICENSE. (1) If the administrator determines that an applicant is not qualified to receive a license, the administrator shall notify the applicant in writing that the application has been denied, and shall state the basis for denial. (2) If the administrator denies an application, or if the administrator fails to act on […]
Section 28-46-406 – NONTRANSFERABILITY — CHANGE IN CONTROL.
28-46-406. NONTRANSFERABILITY — CHANGE IN CONTROL. (1) Other than the transfer of a license to a new location as set forth in subsection (3) of this section, a license issued pursuant to this chapter is not transferable or assignable. (2) The prior written approval of the administrator is required for the continued operation of a […]
Section 28-46-407 – SUSPENSION OR REVOCATION OF LICENSE.
28-46-407. SUSPENSION OR REVOCATION OF LICENSE. (1) The administrator may, after notice and hearing, suspend or revoke any license if the administrator finds that the licensee: (a) Has knowingly or through the lack of due care failed to pay any fee imposed by the administrator under the authority of this act; (b) Has committed any […]