(a) It is unlawful for any licensee:(1) to knowingly induce any borrower to split up or divide any loan with any other licensee; or(2) to induce or permit any borrower to be or to become obligated directly or indirectly, or both, under more than one contract of loan at the same time with the same licensee for the purpose, or with the result of, obtaining a higher rate of charge than would otherwise be permitted by this chapter, except as otherwise required by the Federal Equal Credit Opportunity Act (15 U.S.C. Sec. 1691 et seq.; P.L. 93-495 and Regulation B promulgated by the Board of Governors of the Federal Reserve System 12 C.F.R. 202 et seq.
(1) to knowingly induce any borrower to split up or divide any loan with any other licensee; or
(2) to induce or permit any borrower to be or to become obligated directly or indirectly, or both, under more than one contract of loan at the same time with the same licensee for the purpose, or with the result of, obtaining a higher rate of charge than would otherwise be permitted by this chapter, except as otherwise required by the Federal Equal Credit Opportunity Act (15 U.S.C. Sec. 1691 et seq.; P.L. 93-495 and Regulation B promulgated by the Board of Governors of the Federal Reserve System 12 C.F.R. 202 et seq.
(b) For the purpose of this section, “borrower” includes any husband and wife, whether jointly or severally obligated.