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) Only the licensee may make an electronic deduction from the consumer's account. The licensee shall ensure that information obtained from the consumer about the consumer's account remains confidential.
     (6) 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.
     (7) 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; amd. Sec. 6, Ch. 81, L. 2001.