54-4-66. Maximum amount of payday loan--Violation as misdemeanor.
The maximum principal amount of any payday loan, or the total outstanding principal balances of all payday loans made by a licensee to a single borrower, may not exceed five hundred dollars at any time. A violation of this section is a Class 1 misdemeanor.
Source: SL 2002, ch 223, §2; SL 2004, ch 291, §3; SL 2007, ch 278, §1.