Part 404
16a-2-404. Pay day loans; finance fees; liberties and duties. (1) On customer loan transactions by which money is advanced:
(a) With a brief term,
(b) a solitary repayment payment is expected, and
(c) such advance loan is add up to or significantly less than $500, an authorized or supervised loan provider may charge a quantity to not ever meet or exceed 15% associated with quantity of the bucks advance.
(2) The minimal term of every loan under this part will be seven days while the maximum term of any loan made under this part will probably be thirty days.
(3) a loan provider and interest that is related perhaps not have a lot more than two loans made under this area outstanding towards the same debtor at any one some time shall not make a lot more than three loans to virtually any one borrower in just a 30 calendar day duration. Continue reading “Legislative Resources. Other State Resources. you might be here”