As used in this act, unless the context requires otherwise:

1. "Administrator" means the Administrator of the Department of Consumer Credit or the Administrator's designee;

2. "Affiliate" means a person or organization directly or indirectly controlling, controlled by or under common control with the licensee;

3. "Control" means possession, directly or indirectly, of the power to direct or cause the direction of management and policies of a person, whether through ownership of voting securities, by contract or otherwise. No individual shall be deemed to control a person solely on account of being a director, officer or employee of the person. For purposes of this paragraph, a person who directly or indirectly owns, controls, holds the power to vote or holds proxies representing twenty-five percent (25%) or more of the current outstanding voting securities issued by another person is presumed to control the other person, and the Administrator may determine whether a person, in fact, controls another person;

4. "Controlling person" means any person in control of a licensee;

5. "Department" means the Department of Consumer Credit;

6. "Small loan" means a loan made pursuant to a written agreement subject to this act between a licensee and customer establishing a credit plan under which the licensee contemplates credit transactions from time to time that:

a.shall be unsecured,

b.shall not have a term longer than twelve (12) months or less than sixty (60) days,

c.shall be fully amortized and payable in substantially equal periodic payments, and

d.are subject to prepayment in whole or in part at any time without penalty;

7. "Licensee" means a person licensed to offer small loans pursuant to this act;

8. "Person" means an individual, group of individuals, partnership, association, corporation or any other business, unit or legal entity; and

9. "Default" means:

a.the failure of a customer to make a required payment within a certain number of days of the due date as agreed upon by the licensee and the customer per the small loan agreement; provided, that such agreed-upon number of days not exceed sixty-one (61) days after a failure to make a required payment on the due date, or

b.the customer's failure to otherwise perform the obligations under the small loan agreement.

Added by Laws 2019, c. 89, § 3, eff. Nov. 1, 2019.