28-46-503. LICENSE REQUIRED. (1) No person shall engage in the business of making title loans without having first obtained a license from the administrator pursuant to this chapter authorizing the person to make regulated consumer loans.
(2) Any title loan made without first having obtained a license is void, in which case the person making the loan forfeits the right to collect any moneys, including principal, interest, and any other fee paid by the debtor in connection with the title loan agreement. The person making the title loan shall release its security interest in the titled personal property used as security for the title loan and shall return to the debtor:
(a) The certificate of title for such titled personal property;
(b) Such titled personal property if the person making the loan took possession of such property;
(c) The fair market value of such titled personal property if the person making the loan took possession of such property and is not able to return such property; and
(d) All principal, interest, and any other fees paid by the debtor.
History:
[28-46-503, added 2006, ch. 323, sec. 1, p. 1024.]