Loan to refinance motor vehicle sale

Any transaction in the form of a loan, other than a retail installment contract, is not subject to the provisions of the Motor Vehicle Sales Finance Act, even though all or a portion of the proceeds of such transaction in the form of a loan are applied to the unpaid balance of a retail installment contract. History: 1978 Comp., § 58-19-10.1, enacted by Laws 1981, ch. 182, § 1.