6-601. Definitions In this chapter, unless the context otherwise requires: 1. " Actuarial method" means the method of allocating each payment between finance charges and principal pursuant to which the payment is applied first to finance charges computed on the unpaid balance of principal for the time the balance is outstanding, and the remainder of […]
6-602. Exemptions A. This chapter does not apply to: 1. A person who does business under any other law of this state, or any other state while regulated by a state agency of that other state, or of the United States, relating to banks, savings banks, trust companies, savings and loan associations, profit sharing and […]
6-603. License; contents of application; fees; nontransferability A. Unless exempt under section 6-602, a person, whether located in this state or in another state, shall not engage in the business of a consumer lender without first being licensed as a consumer lender by the deputy director. B. This chapter applies to any person who seeks […]
6-604. Issuance of license; license year; requirements A. If the deputy director finds no grounds for denial of a license, within one hundred twenty days after receiving a complete application, the deputy director shall grant the application and issue a license to the applicant. B. The license year for a licensee begins on July 1 […]
6-605. Denial of renewal; suspension; revocation A. The deputy director may deny renewal of a license or suspend or revoke a license if the deputy director finds that a licensee: 1. Is insolvent as defined in section 47-1201. 2. Has failed to pay the annual renewal fees. 3. Has failed to file an annual report […]
6-606. Business limited to licensed locations; restrictions A. Except as provided in subsection B of this section, a licensee may not conduct the business of making consumer lender loans pursuant to this chapter under any name or at any place of business in this state other than the name and place stated in the licensee’s […]
6-607. Books; accounts; records; access A. A licensee shall maintain books, accounts and records that enable the deputy director to determine whether the licensee is in compliance with this chapter. B. A licensee shall preserve its books, accounts and records of consumer lender loans for at least two years after making the final entry for […]
6-608. Annual report of licensee; civil penalty for failure to file A. On or before October 1 of each year, the licensee shall file a report under oath and in the form prescribed by the deputy director concerning the business and operations during the twelve-month period ending the preceding June 30. On good cause shown […]
6-609. Reporting rates; change in rates; quarterly report of deputy director A. At the time of making its annual report to the deputy director, each licensee shall report the licensee’s standard annual percentage rate or range of annual percentage rates in effect at that time on the following types of loans: 1. A $500 unsecured […]
6-610. Effect of revocation, suspension or surrender on preexisting contract; impairment of contracts A. The revocation, suspension or surrender of a consumer lender license does not impair or affect: 1. The obligation of any preexisting consumer lender loan between the consumer lender and any consumer. 2. The ability or right of the consumer lender to […]
6-611. Prohibited acts A licensee shall not knowingly advertise, display, distribute, broadcast or televise, or cause or permit to be advertised, displayed, distributed, broadcast or televised, in any manner, any false, misleading or deceptive statement or representation with regard to the rates, terms or conditions for a consumer lender loan. To the extent applicable, all […]
6-612. Rules The deputy director may adopt rules that are necessary to regulate the proper conduct of a licensee.
6-613. Restrictions; voidable loans A. Except as the result of an accidental or bona fide error, if the licensee charges, contracts for or receives any amount in excess of the finance charges and other fees permitted by this chapter the following restrictions apply: 1. If the original principal amount of a consumer loan is five […]
6-614. Noncompliance Except as provided in section 6-613, a failure to comply with this chapter does not affect the validity or enforceability of any consumer lender loan or any security interest or lien on personal or real property.
6-615. Foreign loans; reciprocity If a consumer lender loan subject to this chapter is made at a location outside this state to a consumer who is a resident of this state at the time that the consumer lender loan is made and the annual percentage rate of finance charges and other fees charged, contracted for […]
