(1) Unless a person is a supervised financial organization or has first obtained a license from the Administrator authorizing the person to make supervised loans, a person shall not engage in the business of:
(a)making supervised loans; or
(b)taking assignments and undertaking direct collection of payments from or enforcement of rights against debtors arising from supervised loans.
(2) In addition to civil and criminal penalties, the Administrator may initiate administrative action against an unlicensed person as if the person held a license if the person is found to be engaging in the business of making supervised loans.
Added by Laws 1969, c. 352, § 3-502, eff. July 1, 1969. Amended by Laws 2000, c. 217, § 14, eff. July 1, 2000.
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