SEC. 75-67-123. Restriction on number of loans for same person within ninety days.

If any licensee shall arrange, obtain, negotiate, procure, loan direct, or guarantee more than one loan for any borrower within a ninety-day period of time, the total service charge, or interest, charged or collected shall not exceed the service charge or interest which would have been allowable under this article had the aggregate sum received by the borrower in the several loans been handled, negotiated or loaned in one loan originally. However, this shall not prevent the arranging, obtaining, negotiating or procuring of a loan for a borrower, or lending to a borrower, in his own name for his own account because of the fact that such borrower has previously endorsed or signed a note as comaker for another borrower as guaranty for such other borrower.

SOURCES: Codes, 1942, Sec. 5591-12; Laws, 1958, ch. 170, Sec. 12, eff from and after July 1, 1958.

1997 Amendment

Repealed.

SOURCE: 1997 Laws, Chapter 332, Sec. 9, HB916, Effective March 17, 1997.