Any licensee hereunder may make loans in accordance with and not in violation of the general laws of this state governing money and usury to any borrower not having a loan with the lender under this act, provided no charge authorized to be made under the provisions hereof shall be made, collected or received by the lender in connection with any such loan; and provided further, that any such loan shall not be converted into a loan under this act after once made or after it is reduced to a sum less than the maximum herein provided for.
History: 1953 Comp., § 48-17-46, enacted by Laws 1955, ch. 128, § 17.
ANNOTATIONSConventional loan prohibited where small loan already. — This section clearly prohibits the making of a conventional loan by a small loan licensee where the borrower has already taken out a small loan. 1962 Op. Att'y Gen. No. 62-50.
Small loan not barred by existing conventional loan. — The statutes permit the granting of a small loan where a conventional loan to the same borrower is already on the books. 1962 Op. Att'y Gen. No. 62-50.
Time sales transactions not "loans." — By the vast weight of authority, time sales transactions are not "loans" within the ordinary meaning of that word. 1961 Op. Att'y Gen. No. 61-23.
Am. Jur. 2d, A.L.R. and C.J.S. references. — 58 C.J.S. Money Lenders §§ 3, 5.