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Consumer Credit Regulation: Ky. Rev. Stat. Ann. §§ 286.7-410 to 286.7-990 (West) (Industrial Loan Corporations).

What types of lenders does it apply to (e.g., banks vs. non-banks)? Any five persons may organize an industrial loan company and apply for a certificate of approval to do business. §§ 286.7-410(2), 286.7-420, 286.7-450.

Licensure requirements and implications of licensure: Cannot engage in the business of making loans at a rate of interest in excess of the legal rate of interest prescribed in § 360.010 without obtaining certificate from state unless authorized by other specific statutory provisions. § 286.7-540.

Consumer Credit Regulation: Md. Code Ann., Com. Law §§ 12-1001 to 12-1029 (West) (Credit Grantor Closed End Credit Provisions).

What types of lenders does it apply to (e.g., banks vs. non-banks)? Applies to any “credit grantor,” defined to include, inter alia, any legal or commercial entity making a loan or other extension of credit which is incorporated, chartered, or licensed under state or federal law, and subject to supervision, examination, and regulation, pursuant to state or federal law; any money transmitter licensed in Maryland; or any retailer. Definition includes any bank, trust company, depository institution, or savings bank having a branch in the state. Com.

Consumer Credit Regulation: Mich. Comp. Laws §§ 493.1 to 493.24 (Regulatory Loan Act).

What types of lenders does it apply to (e.g., banks vs. non-banks)? Applies generally to lenders, but exempts banks, savings banks, industrial banks, trust companies, building and loan associations, credit unions, and licensed pawnbrokering. §§ 493.2, 493.20.

Licensure requirements and implications of licensure: Must have license to make loans at rate higher than non-licensee can charge. § 493.2(1).

Size and length of loans to which the statute applies, and any restrictions in the statute on these features: Statute is silent.

Consumer Credit Regulation: Minn. Stat. § 47.59 (Financial Institution Credit Extension Maximum Rates).

What types of lenders does it apply to (e.g., banks vs. non-banks)? Law applies to any “financial institution,” defined as a bank, a bank and trust, a trust company with banking powers, a saving bank, a savings association, an industrial loan and thrift company organized under chapter 53, a regulated lender organized under chapter 56 (see next summary), or an operating subsidiary of any such institution. § 47.59 subdiv. 1(k).

Consumer Credit Regulation: Minn. Stat. § 47.601 (Consumer Short-Term Loans).

What types of lenders does it apply to (e.g., banks vs. non-banks)? “Consumer short-term lender” means an individual or entity, other than a state or federally chartered bank, savings bank, or credit union, engaged in the business of making or arranging consumer short-term loans. § 47.601 subdivs. 1(d), 1(e) (subdivs. 1(e), (f) effective January 1, 2024).

Consumer Credit Regulation: Mo. Rev. Stat. §§ 408.100 to 408.213 (Interest on Small Loans).

What types of lenders does it apply to (e.g., banks vs. non-banks)? Applicable broadly to loans made by any person, firm, or corporation that are not made under other Missouri laws. §§ 408.100, 408.190.

Licensure requirements and implications of licensure: Statute is silent. This is not a licensing statute.

Size and length of loans to which the statute applies, and any restrictions in the statute on these features: Statute is silent.

Consumer Credit Regulation: Neb. Rev. Stat. §§ 45-1001 to 45-1070 (Installment Loan Act).

What types of lenders does it apply to (e.g., banks vs. non-banks)? Any person, other than a financial institution (defined by §§ 8-101.03 and 45-1002(1)(h)) as a bank, savings bank, building and loan association, savings and loan association, credit union, or similar organization covered by federal deposit insurance, or a trust company) is eligible for a license and to be allowed to make loans under the Installment Loan Act. § 45-1003.

Consumer Credit Regulation: N.M. Stat. Ann. §§ 58-15-1 to 58-15-42 (Small Loan Act).

What types of lenders does it apply to (e.g., banks vs. non-banks)? Effective January 1, 2018, the Act applies to lenders making loans of $5,000 or less by virtue of a revision to the definition of installment loan at § 58-15-2(F). The threshold amount was formerly $2,500. It will increase to $10,000 as of Jan. 1, 2023. Exempts banks, savings and loan associations, credit unions, and licensed pawnbrokers. § 58-15-3(A), (C).

Consumer Credit Regulation: N.C. Gen. Stat. §§ 53-164 to 53-191 (Consumer Finance Act).

What types of lenders does it apply to (e.g., banks vs. non-banks)? Law does not apply to banks, trust companies, savings and loan associations, cooperative credit unions, agricultural credit corporations or associations organized under the laws of North Carolina, production credit associations organized under the Farm Credit Act, pawnbrokers, industrial banks, the business of negotiating real estate loans, or certain persons engaged in the business of dealing in, buying, or discounting installment obligations secured by personal property. § 53-191.

Consumer Credit Regulation: Ohio Rev. Code Ann. §§ 1321.35 to 1321.48 (West) (Short-Term Loans), as amended effective October 29, 2018.

What types of lenders does it apply to (e.g., banks vs. non-banks)? Applies to any person engaging in the business of making short-term loans to a borrower in Ohio, or assisting a borrower in obtaining such a loan, but excludes banks, savings banks, trust companies, savings and loan associations, credit unions, and any of their subsidiaries that are regulated by a federal banking agency. § 1321.36.

Licensure requirements and implications of licensure: Licensure required. § 1321.36.

Consumer Credit Regulation: Or. Rev. Stat. §§ 725.010 to 725.910 (Consumer Finance Act).

What types of lenders does it apply to (e.g., banks vs. non-banks)? Applies to any person making “consumer finance loans,” defined as secured or unsecured loans or lines of credit that have periodic payments and terms longer than sixty days. §§ 725.010, 725.045. However, the Act does not apply to loans of $50,000 or less (including business and agricultural loans) if interest rate does not exceed the greater of 12%, or 5% in excess of the discount rate. § 725.045 (cross-referencing §§ 82.010, 82.025).

Consumer Credit Regulation: 7 Pa. Stat. Ann. §§ 6201 to 6219 (West) (Consumer Discount Company Act).

What types of lenders does it apply to (e.g., banks vs. non-banks)? Does not apply to banking institutions, building and loan associations, credit unions, or entities licensed by the state Secretary of Banking under any other statute; installment sales or lease-purchases of personal property; or non-profit membership organizations that finance physicians’, surgeons’, or dentists’ obligations. § 6217.

Consumer Credit Regulation: R.I. Gen. Laws §§ 19-14-1 to 19-14-7 (licensure provisions), §§ 19-14.2-1 to 19-14.2-16 (Small Loan Lenders Act).

What types of lenders does it apply to (e.g., banks vs. non-banks)? Chapter 14, which includes primarily the licensing provisions, is inapplicable to a variety of types of business loans; certain loans made by life insurance companies; certain educational loans; the purchase of retail or loan installment contracts from a federal bank receiver or liquidator; credit sales; municipal, state, or federal agencies that make loans; and the negative equity portion of vehicle financing.

Consumer Credit Regulation: S.C. Code Ann. §§ 34-29-10 to 34-29-260 (Consumer Finance Law).

What types of lenders does it apply to (e.g., banks vs. non-banks)? Consumer finance companies (also referred to as restricted lenders), defined as all persons conducting the business of making advances of cash in amounts of $75,000 or less. §§ 34-29-10, 37-3-501(3). Excludes banks, savings and loan associations, savings banks, trust companies, insurance companies, credit unions, licensed pawnbrokers, and loans made to corporations. § 34-29-20(b).