Title 32, Title 32

(1) Upon submission of a completed application and payment of all required fees, a license or renewal must be issued if the department determines that: (a) the character and general fitness of the applicant warrant the belief that the business will be operated lawfully and fairly…

A licensee may conduct the business of making consumer loans under this chapter within any office, room, or place of business in which any other business for which a license under this chapter is not required is solicited or engaged in or in association or conjunction with the bu…

A license may be surrendered on conditions of the department consistent with the protocols of a nationwide licensing system for license surrender. The license surrender does not affect the licensee's civil, administrative, or criminal liability for acts committed prior to the sur…

No revocation, surrender, or expiration of any license shall impair or affect the obligation of any preexisting lawful contract.

(1) If the department has probable cause to believe that a licensed or unlicensed person has violated this chapter, a rule promulgated under this chapter, or an order issued by the department or has made a material misrepresentation to the department by act or omission, the depar…

The department may reinstate any revoked license if there is not a fact or condition existing at the time of reinstatement that would have justified the department in refusing originally to issue the license. In any case in which the license has been revoked for cause, an applica…

(1) The department may participate in a nationwide licensing system for licensing purposes under this chapter and may require consumer loan licensees to apply for licensure on applications approved by the nationwide licensing system. (2) The department may establish rules that ar…

(1) A licensee may contract for and receive interest on the principal amount of any loan. The interest, excluding the fees authorized in subsections (3) and (4), may not exceed 36% a year. (2) The following third-party fees may be financed at the borrower's option and included in…

(1) Except as provided in subsection (4), if the loan contract requires installment payments, the contract must provide that principal and interest be payable at approximately equal periodic intervals, except that payment dates may be omitted to accommodate borrowers with seasona…

(1) At the time a loan is made, there must be delivered to the borrower or borrowers the disclosures required by the federal Consumer Credit Protection Act and the federal Truth in Lending Act, 15 U.S.C. 1601, et seq., and a copy of the loan contract or a written statement showin…

Every licensee shall: (1) give to the borrower a plain, dated, and complete receipt for every payment made in cash on account of any loan at the time the payment is made; (2) endorse indelibly on a loan ledger or card or maintain a record by reliable electronic means of the amoun…

A licensee may not: (1) take any confession of judgment from the borrower or any power of attorney running to the licensee or to any third person to confess judgment for the borrower or to appear for the borrower in a judicial proceeding, except that this subsection does not proh…

(1) Except as provided in this section, insurance may not be written by a licensee or employee, affiliate, or associate of the licensee in connection with any loan. (2) Insurance permitted under the provisions of this section must be obtained through an insurance company authoriz…

Each licensee shall keep or make available in each licensed office the books, accounts, and records that the department requires and that are necessary to enable the department to determine whether the licensee is complying with this chapter and with the rules promulgated under t…

(1) A licensee shall file an annual report by the date and in the manner prescribed by the department covering the licensee's consumer loan activity in this state during the preceding calendar year. (2) The report must contain the information prescribed by the department. The dep…

No person shall advertise, display, distribute, broadcast, or televise or permit to be displayed, advertised, distributed, broadcasted, or televised, in any manner whatsoever, any false, misleading, or deceptive statement or representation with regard to the rates, terms, or cond…

(1) Subject to the limitations in subsection (2), wage assignments, which include salary, wages, commissions, and other compensation for services, are permitted and any loan made subject to a wage assignment must be considered a loan secured by the wage assignment. The amount by …

All consumer loans made or refinanced under this chapter must be made on simple interest, and the interest on consumer loans made or refinanced under this chapter may not be precomputed.

(1) All powers and duties of regulation and supervision conferred by this chapter are vested in the department. The department shall adopt rules necessary to carry out the intent and purposes of this chapter. (2) All rules adopted under this chapter are binding on all persons and…

(1) The department may at any time investigate any transaction with borrowers and may examine the books, accounts, and records to discover violations of this chapter by: (a) a licensee; or (b) a person who the department has reason to believe is violating or is about to violate t…

(1) The department may examine the books, accounts, and records of every licensee insofar as they relate to transactions with borrowers under this chapter. (2) The expenses of the department incurred in the examination of the books, accounts, and records of the licensees must be …

(1) Whenever the department has reasonable cause to believe that a person is violating or is threatening to violate any provision of this chapter, the department may, in addition to all actions provided for in this chapter and without prejudice to those actions, bring an action i…

(1) If provided in the contract, reasonable attorney fees may be awarded to the party in whose favor final judgment is rendered in any action on a contract entered into pursuant to the provisions of this chapter. (2) In addition to any other fees authorized by this chapter, a lic…

(1) If the department determines that a person has engaged in or is about to engage in any act or practice constituting a violation of any provision of this chapter or any rule adopted or order issued by the department pursuant to this chapter, the department may issue an order d…

(1) The department shall maintain a list of licensees that is available to interested persons and to the general public. The department shall also establish by rule a procedure under which an aggrieved consumer or any member of the public may file a complaint against a licensee o…