Legislative Resources. Other State Resources. you will be here

Legislative Resources. Other State Resources. you will be here

  • House
  • Statute
  • Chapter 16a
  • Article 2
  • Part 404

    16a-2-404. Payday advances; finance fees; rights and duties. (1) On consumer loan deals by which money is advanced:

    (a) With a term that is short

    (b) a solitary payment repayment is expected, and

    (c) such cash loan is equivalent to or not as much as $500, an authorized or supervised loan provider may charge a quantity to not go beyond 15% of this level of the money advance.

    (2) The minimal term of any loan under this area will probably be 1 week while the maximum term of every loan made under this area will probably be thirty days.

    (3) a loan provider and interest that is related maybe not have significantly more than two loans made under this area outstanding to your same debtor at any one some time shall perhaps not make a lot more than three loans to virtually any one debtor in just a 30 calendar time duration. Each loan provider shall keep a log of loan deals for every single debtor which shall consist of at the least the after information:

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