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 […]
Section 28-46-114 – JURY TRIAL.
28-46-114. JURY TRIAL. The administrator has no right to trial by jury in an action brought by him under this act. History: [28-46-114, added 1983, ch. 119, sec. 3, p. 305.]
Section 28-46-408 – REPORTS TO ADMINISTRATOR.
28-46-408. REPORTS TO ADMINISTRATOR. Within fifteen (15) days of the occurrence of any of the events listed below, a licensee shall file a written report with the administrator describing such events and their expected impact on the activities of the licensee in the state: (1) The filing for bankruptcy or reorganization by the licensee; (2) […]
Section 28-46-115 – DEBTORS’ REMEDIES NOT AFFECTED.
28-46-115. DEBTORS’ REMEDIES NOT AFFECTED. The grant of powers to the administrator in this chapter does not affect remedies available to debtors under this act or under other principles of law or equity. History: [28-46-115, added 1983, ch. 119, sec. 3, p. 306.]
Section 28-46-409 – RECORDS — ANNUAL REPORTS.
28-46-409. RECORDS — ANNUAL REPORTS. (1) Every licensee shall maintain records in conformity with generally accepted accounting principles and practices in a manner that will enable the administrator to determine whether the licensee is complying with the provisions of this act. The recordkeeping system of a licensee shall be sufficient if he makes the required […]