31-1-703. Definitions. For the purposes of this part, the following definitions apply:
     (1) "Check" means a negotiable instrument, as defined in 30-3-104, that is drawn on a bank and is payable on demand at the maturity of a deferred deposit loan.
     (2) "Consumer" means a natural person who, singly or jointly with another natural person, enters into a deferred deposit loan.
     (3) "Deferred deposit lender" or "licensee" means a person engaged in the business of making deferred deposit loans.
     (4) "Deferred deposit loan" means an arrangement, including all representations made by the deferred deposit lender whether express or implied, in which:
     (a) a person accepts a check dated on the date the check is written and agrees to hold the check for a period of days prior to deposit or presentment; or
     (b) a person accepts a check dated subsequent to the date on which the check is written and agrees to hold the check for deposit or presentment until the date written on the check.
     (5) "Department" means the department of commerce.
     (6) "Person" means a natural person, sole proprietorship, firm, partnership, corporation, or other entity.

     History: En. Sec. 3, Ch. 404, L. 1999.