Consumer Credit Regulation: 7.8.5.3 Other Claims Based on Unlicensed Lending
Even if the usury statutes do not provide a remedy and the common law rule that a contract made in violation of a regulatory statute cannot be invoked, operating without a required license is a UDAP violation in many states.912 In the alternative, a court may be willing to require an unlicensed entity to refund any money a consumer has already paid, on an unjust enrichment theory.913 Depending on the language of the act, aiding and abetting lenders to create a scheme whereby lenders could operat