1. MCA Contents
  2. TITLE 31
  3. CHAPTER 1
  4. Part 1
  5. 31-1-112 Interest rate limitation exemption -- regulated lenders -- merchant finance

TITLE 31. CREDIT TRANSACTIONS AND RELATIONSHIPS

CHAPTER 1. CREDIT TRANSACTIONS

Part 1. Loans of Money -- Interest Rates

Interest Rate Limitation Exemption -- Regulated Lenders -- Merchant Finance

31-1-112. Interest rate limitation exemption -- regulated lenders -- merchant finance. (1) A regulated lender, except for a deferred deposit loan licensee or consumer loan licensee, is exempt from all limitations on the rate of interest that it may charge and is exempt from the operation and effect of all usury statutes.

(2) A finance operation that finances transactions between merchants, as defined in 30-2-104, is also exempt from usury limits.

History: (1)En. Sec. 2, Ch. 275, L. 1981; (2)En. Sec. 4, Ch. 276, L. 1981; amd. Sec. 1, Ch. 9, L. 1983; amd. Sec. 1, Ch. 22, L. 1983; amd. Sec. 2, I.M. No. 164, approved Nov. 2, 2010; amd. Sec. 3, Ch. 278, L. 2013.