(1) No person, partnership, association, limited liability company or corporation shall engage in the business of making consumer installment loans of money as provided by this article and charge, contract for, or receive on any such loan interest, discount, or consideration therefor without demonstrating to the satisfaction of the Commissioner of Banking and Consumer Finance that they are the holder of a valid and subsisting license under the Small Loan Privilege Tax Law, Section 75-67-201 et seq.
(2) This article shall not apply to persons engaged in the business of extending credit to borrowers primarily for business or commercial purposes.
(3) For any consumer installment loan that a licensee makes, the licensee has the option to either lend at the rates and fees indicated under the Small Loan Regulatory Law (Section 75-17-21), or at the rates and charges under Section 75-67-181.
(4) The provisions of this article shall be administered and enforced by the Commissioner of Banking and Consumer Finance, or his duly authorized agents, representatives and employees.
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