A. In addition to other powers granted by this act, the Administrator of Consumer Credit may, within the limitations provided by law:
1. Maintain a list of licensees, which shall be available to interested persons and the public. The Administrator shall also provide a toll-free number whereby consumers may obtain information about licensees;
2. Establish a complaint process whereby an aggrieved debtor or a member of the public may file a complaint against a licensee or nonlicensee who violates any provision of this act. The Administrator shall hold hearings upon the request of a party to the complaint, make findings of fact and conclusions of law, issue cease and desist orders and suspend or revoke a license granted under this act;
3. Take action designed to obtain voluntary compliance with this act or commence proceedings on the Administrator’s own initiative;
4. Counsel persons and groups on their rights and duties under this act; and
5. With approval of the Commission on Consumer Credit, promulgate, amend and repeal administrative rules to carry out the provisions of the act, as provided by the Administrative Procedures Act.
B. The Administrator may conduct a study regarding the system of verification of the existence of deferred deposit loans as provided in paragraph 2 of subsection B of Section 9 of this act to determine:
1. If the system adequately provides lenders with information as to the existence of outstanding deferred deposit loans made by other lenders; and
2. If it is feasible for the Department of Consumer Credit to develop and maintain a database of outstanding deferred deposit loans to provide such information to lenders.
The Administrator shall consult with representatives of deferred deposit lenders, advocates for consumers of this state and other interested parties to conduct the study. The Administrator shall issue a report of any such findings to the President Pro Tempore of the Senate and the Speaker of the House of Representatives not later than December 1, 2004.
Added by Laws 2003, c. 240, § 16, eff. Sept. 1, 2003.