A lender making certain consumer loans or acts as an agent, broker, or facilitator for a person that makes such loans must be a consumer finance licensee. This applies to lenders making payday, title, or consumer finance loans.
Typically, payday loans (other than those loans made to purchase an item) are made primarily for personal, family, or household purpose for a period of 60 days or less, and are repaid with a single payment, usually by a check or automatic withdrawal from a checking or savings account. Title loans, other than purchase money, are also for a period of 60 days or less, repaid with a single payment, but are secured by the title to a motor vehicle, recreational vehicle, boat or travel-trailer. Consumer finance loans are generally for periods longer than 60 days and for large amounts, and include first and second mortgages.
As of March 31, 2009, there were 147 conventional consumer finance licensees and 76 payday and/or title loan licensees.
Forms
Consumer finance and short-term personal loan initial license application 440-2789
last updated: 04/01/2008 |
PDF
| Word |
Consumer finance and short-term personal loan license application for additional location 440-4027
last updated: 04/01/2008 |
PDF
| Word |
Conventional loan licensee annual report 440-4818
last updated: 08/27/2008 |
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| Word |
Short-term loan licensee annual report 440-4817
last updated: 08/27/2008 |
PDF
| Word |
Press releases and consumer alerts
Publications
Resources: Consumer protection
Resources: Registering a business
Statutes and Rules
