§ 37-3-502. Authority to make supervised loans.
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§ 37-3-502. Authority to make supervised loans.
Unless a person is a supervised financial organization or has first obtained a license from the State Board of Financial Institutions authorizing him to make supervised loans, he shall not engage in the business of
(1)making supervised loans; or
(2)taking assignments of and undertaking direct collection of payments from or enforcement of rights against debtors arising from supervised loans.