A consumer shall not be subject to any criminal penalty for entering into a deferred deposit loan agreement. A consumer shall not be subject to any criminal penalty in the event the instrument is dishonored, unless the consumer’s account on which the instrument was written was closed before the agreed upon date of negotiation, subject […]
No person shall engage in unfair or deceptive acts, practices, or advertising in connection with a deferred deposit loan. No person may engage in any device, subterfuge, or pretense to evade the requirements of this article, including making loans disguised as a personal property sale, and leaseback transaction; disguising loan proceeds as a cash rebate […]
In applying the provisions of sections 5-5-109 and 5-6-112 to the actions of a lender, consideration shall be given to the following, among other factors: The financial benefits of the loan to the consumer and the level of risk incurred by the lender in extending credit; The absence of collateral other than the instrument executed […]
If a consumer obtains a deferred deposit loan voluntarily and separately from his or her spouse and the consumer’s action is documented in writing, signed by the consumer, and retained by the lender, the transaction shall not be considered a violation of section 5-3-205. Source: L. 2004: Entire section added, p. 320, § 9, effective […]
