§ 19-14.2-1. Maximum rate on small loans not authorized by chapter. (a) No person, except as authorized by this chapter, shall directly or indirectly charge, contract for, or receive any interest, discount, or consideration greater than provided by this chapter upon the loan, use, or sale of credit of the amount or value of five […]
§ 19-14.2-10. Computation of interest. (a) Interest on loans made under this chapter shall not be paid, deducted, or received in advance, or compounded, and shall be computed and paid only on unpaid principal balances and on the basis of the number of days actually elapsed. For the purpose of these computations, a month shall […]
§ 19-14.2-11. Maximum term of small loans. No small loan lender shall enter into any contract of loan under this chapter of one thousand dollars ($1,000) or less, excluding charges, under which the borrower agrees to make any scheduled repayment of cash advance or principal more than twenty-five (25) months from the date of making […]
§ 19-14.2-12. Small loans — No other charges — Exception. In addition to the interest allowed in this chapter, no small loan licensee shall directly, or indirectly, charge, contract for, or receive any other charges except credit insurance, lawful filing fees and insurance charges, and other fees listed in § 6-26-2(c) or as authorized by […]
§ 19-14.2-13. Additional documents delivered to borrower. Every licensee who is the holder of any small loan note shall deliver to the borrower, at the time any small loan is made, a statement of the law regarding interest rate and term limitations, in plain English, showing in clear and distinct terms the amount and date […]
§ 19-14.2-14. Penalties. (a) Any person or any member, officer, director, agent, or employee of any person, who knowingly violates or participates in the violation of any of the applicable provisions of this chapter, or any regulation promulgated under this chapter, is guilty of a misdemeanor and, upon conviction, shall be punished by a fine […]
§ 19-14.2-15. Rules and regulations. The director, or the director’s designee, may, adopt reasonable rules and regulations for the implementation and administration of the provisions of this chapter. History of Section.P.L. 1995, ch. 82, § 54.
§ 19-14.2-16. Severability. If any provision of this chapter or the application of this chapter to any person or circumstances is held invalid or unconstitutional, the invalidity or unconstitutionality shall not affect other provisions or applications of this chapter that can be given effect without the invalid or unconstitutional provision or application, and to this […]
§ 19-14.2-2. Confessions of judgment — Incomplete instruments prohibited. No small loan lender shall take any confession of judgment, or any power of attorney, except a power of attorney or power of sale authorizing the small loan lender in case of default in payment of interest or principal, to enforce the provisions of any chattel […]
§ 19-14.2-3. Unemployment insurance defined. For the purposes of this chapter, involuntary unemployment insurance coverage shall not be a factor in the approval by the small loan lender of any loan. The small loan lender shall give and maintain specific written indication that the cost of this coverage is disclosed to the debtor; that the […]
§ 19-14.2-4. Documents delivered to borrower — Advance payments — Release of security. Every small loan lender who is the holder of any note shall: (1) Give to the borrower or the borrower’s agent making payment a plain and complete receipt for all payments on the loan at the time the payment is made, in […]
§ 19-14.2-5. Instrument evidencing loan, contents. No loan document shall contain: (1) Any acceleration clause under which any part or all of the unpaid balance of the obligation not yet matured may be declared due and payable because the holder deems himself or herself to be insecure; (2) Any power of attorney to confess judgment […]
§ 19-14.2-6. Assignment of earnings. The payment in money, credit, goods, or things in action, as consideration for any sale or assignment of, or order for, the payment of wages, salary, commissions, or other compensation for services, whether earned or to be earned, shall, for the purposes of regulation under this chapter, be deemed a […]
§ 19-14.2-7. Assignment of wages simultaneous with loan — Liens on furniture. No assignment of, or order for, payment of any salary, wages, commissions, or other compensation for services, earned or to be earned, given to secure any loan made by any small loan lender under this chapter, shall be valid unless the amount of […]
§ 19-14.2-8. Maximum loan and interest rate. Every small loan lender may lend up to five thousand dollars ($5,000) in the aggregate to one borrower and may charge, contract for, and receive on the loan interest on the unpaid principal balance on a loan at a rate not exceeding the following: (1) Loans up to […]
§ 19-14.2-9. Split loans. No small loan lender shall induce or permit any borrower to split up or divide any loan, or permit any person to become obligated individually under more than one loan contract at the same time, for the purpose or with the result of obtaining a higher rate of charge than would […]
