7-24-102. Definitions.
As used in this chapter:
(1) "Nationwide database" means the Nationwide Mortgage Licensing System and Registry, authorized under 12 U.S.C. Sec. 5101 for federal licensing of mortgage loan originators.
(2) "Rollover" means the extension or renewal of the term of a title loan.
(3) "Title lender" means a person that extends a title loan. "Title lender" includes a person that: arranges a title loan on behalf of a title lender; acts as an agent for a title lender; or assists a title lender in the extension of a title loan.
(4) "Title loan" means a loan secured by the title to a: motor vehicle, as defined in Section; 41-6a-102 mobile home, as defined in Section; or 41-6a-102 motorboat, as defined in Section. 73-18-2 "Title loan" includes a title loan extended at the same premise on which any of the following are sold: a motor vehicle, as defined in Section; 41-6a-102 a mobile home, as defined in Section; or 41-6a-102 a motorboat, as defined in Section. 73-18-2 "Title loan" does not include: a purchase money loan; a loan made in connection with the sale of a: motor vehicle, as defined in Section; 41-6a-102 mobile home, as defined in Section; or 41-6a-102 motorboat, as defined in Section; 73-18-2 a loan extended by an institution listed in Section; or 7-24-305 a loan with a repayment term that is longer than 364 days.