Page:1959 North Dakota Session Laws.pdf/241

DEBTOR AND CREDITOR DEBTOR AND CREDITOR RELATIONSHIP

CHAPTER 136

H. B. No. 537

(Brown, Neukircher and Fitch)

(From LRC Study )

SMALL LOANS ACT

AN ACT

To define, license, and regulate the business of lending in amounts of one thousand dollars or less; to prescribe maximum rates of charge which licensees are permitted to make; to provide for the administration and enforcement of the Act by the state examiner, and to prescribe penalties.

Be It Enacted 'by the Legislative Assembly of the State of North Dakota:

§ 1. Definitions.) For purposes of this Act unless the context or subject matter otherwise requires:

1. "Person" means an individual, partnership, association, corporation and any other legal entity;

2. "License" means a permit, issued under the authority of this Act, to make loans in accordance with the provisions of this Act at a single place of business;

3. "Licensee" means a person to whom one or more licenses have been issued.

§ 2. Administration.) The state examiner shall use the facilities of the banking department in administering and enforcing this Act. The state examiner may employ such employees as may be necessary to administer and enforce the provisions of this Act and may delegate his powers and duties under this Act to a deputy state examiner. Such deputy and employees shall not have a financial interest directly or indirectly in any business which is subject to this Act, or in any other business which is supervised by the state examiner, or in any similar business which is conducted under the authority of any law of the United States. All fees received by the state examiner under the provisions of this Act shall be credited to the general fund of this state.

§ 3. Scope.) (a) No person except persons licensed under the provisions of this Act shall engage in the business of lending in amounts of one thousand dollars or less and contract for, exact, or receive, directly or indirectly, on or in