§ 11-302. License required

Latest version.

   (a) "Installment loan" defined. -- In this section, "installment loan" means a loan or extension of credit made for consideration under § 12-103(a)(3) or (c), Title 12, Subtitle 9, or Title 12, Subtitle 10 of the Commercial Law Article.

(b) License required. -- Unless the person is licensed by the Commissioner, a person may not:

   (1) Engage in the business of making installment loans;

   (2) Make more than 5 installment loans a year; or

   (3) Engage in the business of a credit services business as defined under Title 14, Subtitle 19 of the Commercial Law Article.

HISTORY: An. Code 1957, art. 49, § 5; 1980, ch. 33, § 2; 1982, ch. 753; 1983, ch. 143, § 1; 1991, ch. 628; 1996, ch. 326, § 2.

                    
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