With respect to a supervised loan, no lender may use multiple agreements with respect to a single consumer loan transaction with intent to obtain a higher rate of loan finance charge than would otherwise be permitted by the provisions on loan finance charges for supervised loans (Section 37-3-508). The excess amount of loan finance charge resulting from a violation of this section is an excess charge for the purpose of the provisions on rights of parties (Section 37-5-202) and the provisions on civil actions by the administrator (Section 37-6-113).
HISTORY: 1976 Act No. 686 Section 2.
Editor's Note
Section 37-3-508, referred to in this section, was repealed by 1982 Act No. 385 Section 57(2)(h).