Title 6, Banks and Financial Institutions

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 when due or within…

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 consumer lender …

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…

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 by a licensee, the deputy …

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 consumer loan, payable in t…

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 service existing consumer l…

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…

The deputy director may adopt rules that are necessary to regulate the proper conduct of a licensee.

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…

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.

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 or r…

A. To the extent applicable, a licensee shall comply with the disclosure requirements of the truth in lending act. B. Each note or agreement evidencing a consumer lender loan shall contain the following disclosure statement in at least ten-point type that is in English and in Spa…

A. A licensee may contract for and receive finance charges on consumer loans that are not more than the following amounts: 1. On a consumer loan in an original principal amount of three thousand dollars or less, a consumer loan rate of thirty-six per cent. 2. On a consumer loan i…

A. A licensee shall compute and measure finance charges on consumer loans on unpaid balances outstanding from time to time. A licensee may also precompute finance charges on consumer loans on scheduled unpaid principal balances as provided in section 6-634. For the purposes of co…

A. A precomputed consumer loan shall require repayment in substantially equal consecutive monthly installments of principal and finance charges combined. The first installment of a precomputed consumer loan is due not less than fifteen days but not more than forty-five days after…

A. In addition to the finance charges authorized by section 6-632, a licensee may contract for and receive, and collect finance charges on, the following fees: 1. A delinquency charge in an amount equal to five percent of the amount of any installment not paid in full within seve…

A. The following types of insurance may be sold to the consumer in connection with a consumer lender loan and the consumer may contract for: 1. Property insurance covering any property securing a consumer lender loan. 2. Life insurance insuring the life of one or more consumers o…

A. The scheduled term of a consumer loan shall not be longer than the following: 1. Twenty-four months and fifteen days from the date of making a consumer loan of one thousand dollars or less. 2. Thirty-six months and fifteen days from the date of making a consumer loan of more t…

A. A licensee who is licensed to sell life insurance pursuant to title 20 may sell and include in the principal amount of a consumer lender loan the cost of the premium for life insurance that is not for credit if all of the following apply: 1. The insurance policy or certificate…

A licensee may not hold a person responsible for any loan amount that is incurred as a result of a violation of section 13-2008, 13-2009, 13-2010 or 13-2310. Within thirty days after a licensee is aware that a loan is a result of a violation of section 13-2008, 13-2009, 13-2010 o…