54-4-44 Engaging in business after procurement of license--Maximum finance charge--Violation as mi...
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Engaging in business after procurement of license--Maximum finance charge--Violation as misdemeanor--Loan void.
After procuring such license from the Division of Banking,
the licensee may engage in the business of making loans and may contract for and receive interest
charges and other fees at rates, amounts, and terms as agreed to by the parties which may be included
in the principal balance of the loan and specified in the contract. However, no licensee may contract
for or receive finance charges pursuant to a loan in excess of an annual rate of thirty-six percent,
including all charges for any ancillary product or service and any other charge or fee incident to the
extension of credit. A violation of this section is a Class 1 misdemeanor. Any loan made in violation
of this section is void and uncollectible as to any principal, fee, interest, or charge.
Source: SL 1998, ch 280, § 9; SL 2017, ch 221 (Initiated Measure 21), § 2, eff. Nov. 16, 2016; SL
2017, ch 205, § 2.
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