Chapter
01. Definitions And General Provisions
02. Payment Of Debts
03. Interest And Usury
03A. Consumer Installment Sales Contracts
04. Money Lending Licenses
05. Installment Loans [Repealed]
06. Small Installment Loans And Consumer Finance [Repealed]
06A. Lease-Purchase Agreements For Personal Property
07. Motor Vehicle Retail Installment Sales [Repealed]
08. Acts In Fraud Of Creditors
08A. Uniform Fraudulent Transfer Act
09. Assignment For Benefit Of Creditors
10. Secured Creditors' Claims In Liquidation Proceedings
11. Credit Cards And Revolving Charge Accounts
12. Reverse Mortgage Loans
13. State Farm Mediation Board
14. Mortgage Lender Business
15. Security Freeze On Credit Report
16. Credit Reporting Security Freeze For Protected Consumers
54-1-1
Definition of terms--Debtor--Creditor.
54-1-2
Loan of money defined.
54-1-3
Debtor's contract valid in the absence of fraud.
54-1-4
Preference of creditors by debtor.
54-1-5
Marshaling of funds--Rights of creditor.
54-1-6
"Open account" defined.
54-1-7
Open account--Interest rates.
54-1-8
Open account--Notice of interest rate increase.
54-1-9
"Securitization" defined.
54-1-10
Securitization transaction--Transferor to lose interest in transferred property.
54-2-1
Payment defined.
54-2-2
Repayment of loan in current funds.
54-2-3
Repealed.
54-2-4
Obligation for payment extinguished by tender and deposit in state bank.
CHAPTER 54-3
INTEREST AND USURY
54-3-1 Interest defined.
54-3-1.1 Rate of interest set by written agreement--No maximum or usury restriction.
54-3-2 Loan of money--Presumption as to interest.
54-3-3 Annual rate of interest where not specified.
54-3-4 Maximum rate of interest where no rate specified--Commencement where date not specified.
54-3-5 Interest on moneys after they become due--Exception for express contracts or interest rate on bill, statement, or invoice--Limitation on interest rate.
54-3-5.1 Interest on judgments, statutory liens and inverse condemnations.
54-3-6 Legal rate of interest stipulated by contract after breach.
54-3-7 54-3-7. Repealed by SL 1981, ch 350, § 1.
54-3-7.1 54-3-7.1. Repealed by SL 1982, ch 341, § 4.
54-3-7.2 54-3-7.2. Repealed by SL 1972, ch 258.
54-3-8 Interest on loan--Advance deduction.
54-3-9 54-3-9. Repealed by SL 1982, ch 341, § 7.
54-3-10 54-3-10. Repealed by SL 1975, ch 298.
54-3-11 54-3-11. Repealed by SL 1976, ch 309, § 7.
54-3-12 54-3-12. Repealed by SL 1982, ch 341, § 8.
54-3-13 Regulated lenders exempt from interest rate limitations and usury statutes.
54-3-14 Regulated lenders defined.
54-3-15 Exemption from federal preemption of state usury laws.
54-3-16 Official state interest rates.
54-3-17 Recommendations for amendment of official rates.
54-3A-1
Definition of terms.
54-3A-2
Items included in amount financed.
54-3A-3
Finance charges on installment sales contract.
54-3A-4
Repealed.
54-3A-5
Additional charges allowed--Disclosure and explanation to consumer--Separate
agreement.
54-3A-6
Commencement of term of obligation--Down payments.
54-3A-7
Modification of agreement to increase outstanding obligation prohibited--Exception.
54-3A-8
Rule for computing refund of charges on prepayment.
54-3A-8.1
Restriction on use of rule.
54-3A-9
Rebate of portion of finance charge on prepayment or refinancing--Exceptions.
54-3A-10
Rebate on acceleration of maturity.
54-3A-11
Delinquent installments--Notice of penalty to consumer.
54-3A-12
Imposition and collection of delinquency charge.
54-3A-12.1
Imposition and collection of returned check charge--Maximum.
54-3A-13
Repealed.
54-3A-14
Unilateral deferral by creditor prohibited.
54-3A-15
Deferral agreement requirements.
54-3A-16
Deferral charge not collected on refinancing.
54-3A-17
Refinancing agreement--Rebate excluded.
54-3A-18
Refinancing agreement requirements.
54-3A-19
Creditor's remedies on delinquency.
54-3A-20
Debt forfeited for excessive charges--Costs and attorney fees.
54-3A-21
Limitation on action for excessive charges.
54-3A-22
Demand required before action for excessive charges.
54-3A-23
Proof of unintentional error.
54-3A-24
Promulgation of rules.
54-3A-25
Severability of provisions.
CHAPTER 54-4
MONEY LENDING LICENSES
54-4-1 54-4-1. Repealed by SL 1998, ch 280, § 30.
54-4-2 54-4-2. Repealed by SL 1998, ch 280, § 29.
54-4-3 54-4-3 to 54-4-35. Repealed by SL 1998, ch 280, § 30.
54-4-36 Definition of terms.
54-4-37 Entities exempt from chapter provisions.
54-4-37.1 Exemption for originating, selling, servicing, or acquiring five or fewer loans in twelve-month period where total of outstanding loans under certain amount--Annual report.
54-4-38 Promulgation of rules.
54-4-39 Compliance with Title 53.
54-4-40 Application for license--Licensure through nationwide mortgage licensing system--Public records--Exemptions.
54-4-41 Rejection or acceptance of application by director.
54-4-42 Bond to be filed with application.
54-4-43 Investigation of facts concerning license application--Requirements for grant of license.
54-4-44 Engaging in business after procurement of license--Maximum finance charge--Violation as misdemeanor--Loan void.
54-4-44.1 Device, subterfuge, or pretense to evade maximum finance charge prohibited--Penalties.
54-4-44.2 Motor vehicle purchase loan--Fees incident to extension of credit.
54-4-44.3 Consumer default--Fees incident to extension of credit.
54-4-44.4 Business-to-business lending exempt.
54-4-45 Duration of license--Renewal.
54-4-46 Transfer of license--Approval required for name change.
54-4-47 Location to be licensed--Change of location.
54-4-47.1 Remote work--Requirements.
54-4-48 Cease and desist order for practice not in conformity to requirements--Appeal.
54-4-49 Conditions, denial, nonrenewal, suspension, or revocation of license.
54-4-50 Injunction against licensee for violation.
54-4-51 Court-appointed receivership.
54-4-52 License required.
54-4-53 Deposit of funds.
54-4-54 Payment of annual tax--Exemption.
54-4-55 Exemption from other taxes.
54-4-56 Renewal of application--Tax information--Forms.
54-4-57 Examination of records--Costs--Information--Forms--Application of other provisions.
54-4-58 Information required in contract.
54-4-59 Property insurance required.
54-4-60 Purchase of insurance not condition to receive loan.
54-4-61 Copy provided to debtor.
54-4-62 Satisfaction of loan--Release of assignments.
54-4-63 Advertising.
54-4-64 Application of chapter.
54-4-65 Limitation on renewal, rollover, or flip of short-term consumer loan--Fee.
54-4-66 Maximum amount of payday loan--Violation as misdemeanor.
54-4-67 Production of records located outside state--Alternate procedures--Designated record inspectors.
54-4-68 Appointment of resident agent for service of process--Notice.
54-4-69 Consent to be sued--Form.
54-4-70 Title loans to be evidenced by written agreement--Possession of certification of title--Application of statutes on secured transactions.
54-4-71 Term of title loan--Renewal--Payment amounts--Deferred principal amount.
54-4-72 Default in repayment of title loan--Remedy--Exception--Sale of reposed vehicle--Refund of surplus less expenses.
54-4-73 Debt cancellation contract defined.
54-4-74 Debt suspension contract defined.
54-4-75 Debt cancellation contracts and debt suspension contracts permitted.
54-4-76 Loans by unlicensed lenders uncollectible except for principal.
54-4-77 Debt collection--Prohibitions.
54-4-77.1 Exemptions not applicable to prohibited debt-collection tactics.
54-4-78 Use of nationwide mortgage licensing system and registry for requesting and distributing information.
54-4-79 Contracts for collection and maintenance of records and processing of fees.
54-4-80 Sharing of information collected by director.
54-4-81 Attorney's fees recoverable if provided for in evidence of debt.
54-6-1
Repealed.
54-6-2
Repealed.
54-6-2.1
Repealed.
54-6-3 to 54-6-5. Repealed.
54-6-6
Repealed.
54-6-7 to 54-6-16. Repealed.
54-6-17, 54-6-18. Repealed.
54-6-19 to 54-6-35. Repealed.
54-6-36
Repealed.
54-6-37 to 54-6-39. Repealed.
54-6-40
Repealed.
54-6-41
Repealed.
54-6-42
Repealed.
54-6-43
Repealed.
54-6-44, 54-6-45. Repealed.
54-6-46
Repealed.
54-6-47 to 54-6-56. Repealed.
54-6-57
Repealed.
54-6-58
Repealed.
54-6-59
Repealed.
54-6-60, 54-6-61. Repealed.
54-6A-1
Definitions.
54-6A-2
Lease-purchase agreement defined.
54-6A-3
Agreements exempt from other laws.
54-6A-4
Disclosure of information.
54-6A-5
Information required in disclosure.
54-6A-6
Provisions prohibited in agreements.
54-6A-7
Reinstatement of agreement--Repossession.
54-6A-8
Written receipts for cash or money order.
54-6A-9
Renegotiation for new agreement--Extensions.
54-6A-10
Advertisement of lease-purchase agreement.
54-7-1
Repealed.
54-7-2
Repealed.
54-7-3 to 54-7-36. Repealed.
54-7-37, 54-7-38. Repealed.
54-7-39
Repealed.
54-7-40 to 54-7-43. Repealed.
54-7-44
Repealed.
54-7-45 to 54-7-48. Repealed.
54-8-1
Transfer with intent to delay or defraud creditors void.
54-8-2
Transfer of personal property--Constructive notice or actual delivery of possession--Rights of creditors.
54-8-3
Avoidance of act or obligation of debtor for fraud--Obstruction of legal process.
54-8-4
Fraudulent intent--Question of fact--Inadequacy of consideration.
54-8-5 to 54-8-19. Repealed.
54-8-20
Removal, secretion, encumbrancing or disposition of property to defraud creditors--Misdemeanor.
54-8-21
Assignment or transfer of property to preferred creditors as felony--Exception.
54-8-22
Party to transfer or assignment of property to defraud creditors guilty of felony.
54-8-23
Fraud in bankruptcy proceedings--Misdemeanor.
54-8A-1
Definitions.
54-8A-2
Insolvency.
54-8A-3
Value.
54-8A-4
Transfers fraudulent as to present and future creditors.
54-8A-5
Transfers fraudulent as to present creditors.
54-8A-6
When transfer is made or obligation is incurred.
54-8A-7
Remedies of creditors.
54-8A-8
Defenses, liability and protection of transferee.
54-8A-9
Extinguishment of cause of action.
54-8A-10
Supplementary provisions.
54-8A-11
Uniform application and construction.
54-8A-12
Short title.
54-9-1
Execution of assignment by insolvent debtor.
54-9-2
Instrument of assignment--Execution--Acknowledgment or proof--Recording--Defective execution invalidates assignment.
54-9-3
Subsisting absolute or contingent liability of assignor.
54-9-4
Repealed.
54-9-5
Assignment invalid against creditor of assignor not assenting thereto.
54-9-6
Property exempt from execution--Life insurance--Effect of assignment.
54-9-7
Inventory required of assignor--Contents--Verification.
54-9-8
Recording assignment and filing inventory.
54-9-9
Effect of omitting to record--Assignment of real property.
54-9-10
Assent of creditors necessary to modification of assignment.
54-9-11
Bond of assignee--Amount--Approval of sureties by circuit court--Terms and
conditions.
54-9-12
Disposal or conversion of estate--Authority of assignee.
54-9-13
Assignee takes subject to rights of third parties--Nonliability for acts done in good
faith under void assignment.
54-9-13.1
Action by assignee against person receiving property of debtor in fraud of creditors.
54-9-13.2
Action by assignee against creditor receiving voluntary transfer from insolvent
assignor.
54-9-13.3
Duties of assignee.
54-9-13.4
Notice to creditors to present verified claims--Publication.
54-9-13.5
Contents of creditor's claim--Claim founded upon instrument.
54-9-13.6
Time limitation on filing creditor's claim.
54-9-13.7
Wages and commissions as preferred claims--Limitation on amount--"Traveling or
city salesmen" defined.
54-9-13.8
Sale or compromise of claims or property of estate--Liability of assignee.
54-9-13.9
Sales at public auction--Procedure for private sales and sales of perishable property.
54-9-14
Compensation of assignee.
54-9-15
Proceeding subject to order and supervision of circuit court--Rendition of accounts
and filing of reports by assignee--Distribution of trust estate.
54-9-15.1
Power of court to take and state accounts.
54-9-15.2
Accountants and attorneys appointed by court--Compensation of attorneys.
54-9-16
Accounting of assignee.
54-9-16.1
Deposit of funds in court for distribution subsequent to discharge of assignee.
54-9-17
Removal of assignee by circuit court--Appointment and delivery of property to
successor.
54-9-18
Removal of assignee by circuit court--Discharge on full accounting and surrender of
property to new assignee.
54-9-19
Discharge of assignee upon full compliance with trust.
54-9-20
Application of assignee for discharge--Notice by publication.
54-9-21
Hearing upon application of assignee for discharge--Order requiring the performance
of acts not completed--Order of discharge, granting, effect.
54-9-22
Federal bankruptcy proceedings, possession of estate taken from assignee--Discharge
of assignee on full accounting to trustee in bankruptcy.
54-10-1
Definition of terms.
54-10-2
Secured creditor's claim against general assets--Disclosure of nature of security.
54-10-3
Failure of secured creditor to disclose existence of security--Effect of concealment.
54-10-4
Dividends to secured creditors--Computation.
54-10-5
Obligation for payment of money as security--Determination of value.
54-10-6
Security other than obligation for the payment of money--Determination of value.
54-10-7
Statutory provisions for determination of value of obligations impracticable or
resulting in undue delay--Alternative method for determination of value.
54-10-8
Value of security, determination by compromise--Redemption of assets by liquidator.
54-10-9
Value of security, determination by litigation--Redemption of assets by liquidator.
54-10-10
Value of security, determination by liquidator's sale of assets--Order of sale,
requirements.
54-10-11
Value of exempt security not credited upon claim.
54-10-12
Application of chapter to existing transactions.
54-10-13
Uniformity of interpretation of chapter.
54-10-14
Citation of chapter.
54-11-1
Credit card and accepted credit card defined.
54-11-2
Repealed.
54-11-3
Repealed.
54-11-4
Unsolicited issuance of credit card prohibited--No liability for misuse by others.
54-11-5
"Revolving charge account" and "consumer goods and services" defined.
54-11-6
Repealed.
54-11-6.1
Credit service charge permitted on revolving charge account.
54-11-6.2
Amount of service charge--Requirements--Compounding charge.
54-11-6.3
Maximum service charge.
54-11-6.4
Minimum charge on monthly bills when service charge less than minimum charge.
54-11-7
Repealed.
54-11-8
Bank loan accounts unaffected.
54-11-9
Creation of contract between card holder and issuer.
54-11-10, 54-11-11. Repealed.
54-11-12
Change in terms of credit card agreement.
54-12-1 to 54-12-19. Repealed.
54-12-20
Reverse mortgage defined.
54-12-21
Rules for reverse mortgage loans.
54-12-22
Reverse mortgage loan payment--Undisbursed reverse mortgage funds.
54-13-1
Definition of terms.
54-13-2
Agriculture mediation program--Purposes--Administration.
54-13-3
Repealed.
54-13-4
Staff services--Employment of director and other employees--Payment of expenses.
54-13-5
Responsibility for fees--Agricultural mediation operating fund created--Appropriation--Annual review--Disbursements.
54-13-6
Contracts with state agencies, nonprofit corporations, or individuals.
54-13-7
Assistance to borrower or creditor.
54-13-8
Repealed.
54-13-9
Notice to borrower and creditor of availability of financial preparation assistance.
54-13-10
Mandatory mediation--Requirements--Voluntary mediation.
54-13-11
Notice of initial mediation meeting--Exempt creditors--Waiver of right to mediate--Debt collection limitations.
54-13-12
Length of mediation period--Notice to borrower--Additional meetings.
54-13-13
Mediation of indebtedness requested by borrower--Procedure--Attendance at
meetings not required.
54-13-14
State or federal time periods deemed to run concurrently.
54-13-15
Continuation of mediation--Expiration of mediation period--Agreement between
borrower and creditors.
54-13-16
Statement of waiver or failure to reach agreement deemed release.
54-13-17
Time limitation on waiver by borrower.
54-13-18
Information regarding finances of borrowers and creditors not public records--Mediation meetings not open.
54-13-19
Other rights and duties, penalties, and actions not affected.
54-13-20
Mediator or ag finance counselor immunity from civil liability--Qualifications.
CHAPTER 54-14
MORTGAGE LENDER BUSINESS
54-14-1 54-14-1 to 54-14-11. Repealed by SL 2007, ch 279, § 21.
54-14-12 Definitions.
54-14-12.1 Loan processor or underwriter defined.
54-14-12.2 Mortgage loan originator defined.
54-14-12.3 Real estate brokerage activity defined.
54-14-12.4 Registered mortgage loan originator defined.
54-14-13 License required for mortgage lenders, brokerage, brokers, and loan originators--Identification through nationwide mortgage licensing system and registry--Exemption.
54-14-13.1 (See § 54-14-13.3 for effective dates) Mortgage loan originator license--Required findings.
54-14-13.2 (See § 54-14-13.3 for effective dates) Mortgage loan originator license--Renewal standards.
54-14-13.3 Effective dates of §§ 54-14-13.1 and 54-14-13.2.
54-14-13.4 License required for loan processor or underwriter--Identification through nationwide mortgage licensing system and registry.
54-14-13.5 License required for company originating, selling, or servicing nonresidential mortgage loans.
54-14-14 Application for licensure or registration.
54-14-15 Information to be furnished to nationwide mortgage licensing system and registry--Distribution of information--Criminal background check.
54-14-16 Fees.
54-14-17 License and registration not assignable.
54-14-18 Expiration of license or registration.
54-14-19 Fees for renewal of license.
54-14-20 Exemption of certain entities from chapter.
54-14-20.1 Exemption of certain persons from mortgage loan originator license requirement.
54-14-20.2 Exemption of attorneys from mortgage loan originator license requirement.
54-14-21 Exemption of certain entities from licensing requirements.
54-14-22 Repealed by SL 2012, ch 252, § 29.
54-14-23 Mortgage broker or lender permitted to use services of mortgage loan originator.
54-14-24 Surety bond requirements.
54-14-25 Violation of license or registration requirements--Misdemeanor.
54-14-25.1 Civil penalty for acting without required license or registration.
54-14-26 Examination and investigation by director.
54-14-27 Conditioning, denial, nonrenewal, suspension, or revocation of license.
54-14-28 Reinstatement of license or registration--Termination of suspension--New license or registration.
54-14-29 Procedure for contesting suspension or revocation.
54-14-30 Annual tax upon net income--Exemptions.
54-14-31 Promulgation of rules regarding licensing, education, and fees.
54-14-32 Disposition of fees.
54-14-33 Contracts with nationwide mortgage licensing system.
54-14-34 Promulgation of rules for challenging information entered in nationwide mortgage licensing system.
54-14-35 Sharing of information.
54-14-36 Reports of condition--Promulgation of rules.
54-14-37 Reports of violations and enforcement.
54-14-38 Improper influence on real estate appraisals prohibited--Grounds for discipline.
54-14-39 Conduct not constituting improper influence on real estate appraisals.
54-14-40 Remote work--Requirements.
54-15-1
Repealed.
54-15-2
Security freeze defined.
54-15-3
Request to consumer reporting agency for security freeze.
54-15-4
Time for placing security freeze.
54-15-5
Written confirmation of security freeze.
54-15-6
Request for temporary lifting of security freeze.
54-15-7
Expedited procedures for temporary lifting of security freeze.
54-15-8
Conditions for removing or temporarily lifting security freeze.
54-15-9
Treatment of credit or other application as incomplete for denial of limited access to
credit information.
54-15-10
Disclosure of process for placing and temporarily lifting security freeze or allowing
limited access to information.
54-15-11
Removal of security freeze--Request for removal.
54-15-12
Use of credit report by certain persons and entities not subject to chapter.
54-15-13
Written confirmation of changes to report while security freeze in place.
54-15-14
Resellers of credit information not required to place security freeze.
54-15-15
Certain entities not required to place security freeze
.
54-15-16
Furnishing of information to governmental agency when security freeze in place.
54-15-17
Fee for placement or removal of security freeze prohibited.
54-16-1
Definitions.
54-16-2
Security freeze for protected consumer upon request to consumer reporting agency
by protected consumer's representative.
54-16-3
Application of chapter.
54-16-4
Time for placing security freeze.
54-16-5
Release of report or information prohibited.
54-16-6
Duration of security freeze.
54-16-7
Request for removal of security freeze.
54-16-8
Time for removal of security freeze upon request.
54-16-9
Fees of consumer reporting agency.
54-16-10
Removal of security freeze based on material misrepresentation.
