Except with respect to a loan primarily secured by an interest in land (Section 3-105 of this title), or except with respect to loans granted by institutions of postsecondary education except that such loans by institutions of postsecondary education shall be subject to disclosure requirements pursuant to Section 3-301 of this title and remedies for violation of disclosure provisions pursuant to Articles 5 and 6 of this title if otherwise they meet the definition of consumer loan, a "consumer loan" is a loan made by a person regularly engaged in the business of making loans in which:

(a)the debtor is a person other than an organization;

(b)the debt is incurred primarily for a personal, family or household purpose;

(c)either the debt is payable in installments or a loan finance charge is made; and

(d)either the principal does not exceed Fifty Thousand Dollars ($50,000.00), unless the loan is a private education loan as that term is defined in Section 8 of this act, or the debt is secured by an interest in land. The dollar amount in this paragraph shall be adjusted annually as indicated by the Consumer Financial Protection Bureau by the annual percentage increase in the Consumer Price Index for Urban Wage Earners and Clerical Workers, as published by the Bureau of Labor Statistics, rounded to the nearest multiple of One Hundred Dollars ($100.00) or One Thousand Dollars ($1,000.00) as applicable.

Added by Laws 1969, c. 352, § 3-104, eff. July 1, 1969. Amended by Laws 1976, c. 190, § 1, emerg. eff. June 4, 1976; Laws 1982, c. 335, § 33, operative June 1, 1982; Laws 2012, c. 172, § 4, eff. July 1, 2012; Laws 2013, c. 99, § 3, eff. July 1, 2013.