[§480J-9] Form of loan proceeds; endorsement of instrument; redemption of instrument.
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/hi/480j-9A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
[§480J-9] Form of loan proceeds; endorsement of instrument; redemption of instrument.
(a)An installment lender may pay the proceeds from or otherwise fund an installment loan to the consumer in the form of a monetary instrument, prepaid debit card, Automated Clearing House transfer, electronic check, other form of electronic transfer, money order, or cash.
(b)An installment lender shall not negotiate or present an instrument for payment unless the instrument is endorsed with the actual business name of the lender.
(c)Prior to an installment lender negotiating or presenting the instrument, a consumer may redeem any instrument held by the lender as a result of an installment loan if the consumer pays the full amount of the instrument to the lender. [L 2021, c 56, pt of §2]