32-11-312. Associates. (1) For purposes of 32-11-301 and 32-11-309 through 32-11-311, a person who is an associate within 6 months before or after a licensee provides financing assistance must be considered to be an associate as of the date the licensee provides the assistance.

(2) If a licensee, in order to protect the licensee's interests, designates a person to serve as a director of, officer of, or in a management capacity of a business to which the licensee provides financing assistance, the person may not, on that account, be considered to be an associate under 32-11-301 and 32-11-309 through 32-11-311. This subsection does not apply if the person has, directly or indirectly, another financial interest in the business or if the person, at any time before the licensee provides the financing assistance, served as a director of, officer of, or in another capacity in the management of the business for a period of 30 days or more.