31-1-715. Loan requirements. (1) Each deferred deposit loan may not have a term that exceeds 31 days.
     (2) The amount of the deferred deposit loan, exclusive of the fee allowed in 31-1-722(2), may not exceed $300.
     (3) The minimum amount of a deferred deposit loan is $50.
     (4) The check written by the consumer in a deferred deposit loan must be made payable to the licensee.
     (5) The licensee shall provide the consumer, or each consumer if there is more than one, with a copy of the loan documents described in 31-1-721 upon consummation of the loan.
     (6) The holder or assignee of any check written by a consumer in connection with a deferred deposit loan takes the instrument subject to all claims and defenses of the consumer.

     History: En. Sec. 10, Ch. 404, L. 1999.