54-4-44.1. Device, subterfuge, or pretense to evade maximum finance charge prohibited--Penalties.
121 words·~1 min read·
/sd/title-54/chapter-54-4/54-4-44-1·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
No person may engage in any device, subterfuge, or pretense to evade the requirements of § 54-4-44 , including, but not limited to, making loans disguised as a personal property sale and leaseback transaction; disguising loan proceeds as a cash rebate for the pretextual installment sale of goods or services; or making, offering, assisting, or arranging a debtor to obtain a loan with a greater rate of interest, consideration, or charge than is permitted by this chapter through any method including mail, telephone, internet, or any electronic means regardless of whether the person has a physical location in the state.
Notwithstanding any other provision of this chapter, a violation of this section is subject to the penalties in § 54-4-44 .