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(7) the total number of loans and aggregate dollar amounts outstanding at the end of the reporting period.

(d) Such report shall be made under oath and shall be in the form prescribed by the Board board and consistent with this section. which The board shall make and publish annually an analysis and recapitulation of such reports.

(c) (e) In addition to the report required by the provisions of Section 34-29-100 (b) and (c), the Board board may under rules and regulations promulgated by it under the procedure provided in this chapter require quarterly and/or semiannual reports from licensees to facilitate the performance of its duties and to effectively regulate the making of loans under this chapter."

SECTION 2. Section 34-29-140(a) of the 1976 Code is amended to read:

"(a) Maximum finance charges permitted; initial charge.-A licensee under this chapter may lend any sum of money not exceeding seventy-five hundred dollars, excluding charges, and notwithstanding the fact that the loan may be repayable in substantially equal monthly installments, may contract for and receive finance charges not to exceed:

(1) Loans Not Exceeding One Hundred Fifty Dollars.-On loans with cash advance not exceeding one hundred fifty dollars, a charge not to exceed two dollars and fifty cents per month if contracted for in writing by the borrower, may be charged in lieu of interest, and such loans may be repaid in weekly payments, with four weeks constituting a month.

(2) Loans Over One Hundred and Fifty Dollars But Not Exceeding Two Thousand Dollars. On loans with a cash advance exceeding one hundred fifty dollars but not exceeding two thousand dollars, twenty dollars per one hundred dollars on that portion of the cash advance not exceeding two hundred dollars; eighteen dollars per one hundred dollars

In addition to the finance charges authorized in subparagraphs (1) and (2) of this subsection (a), a licensee under this chapter may contract for and receive an initial charge in such an amount as may be agreed upon in writing with the borrower, but not to exceed seven percent of the cash advance or fifty-six dollars, whichever is the lesser, for the expenses, including, but not limited to any attorney's fees and broker's fees, then or theretofore incurred and the services then or theretofore rendered by the lender incident to the loan or the security therefor, such as investigating the moral and financial standing of the borrower, investigating the security, title and similar investigations and for closing the loan, including any and all expenses incurred or services rendered at the request of the borrower or on his behalf in connection with the loan. Such initial charge may not be contracted for and received on any renewal loan or other loan made to the same borrower more often than once in a three months period. Upon any loan made to the borrower of a sum in excess of the amount on which the initial charge may have been charged within the three-month period, then the initial charge may be contracted for and received on the excess. The initial charge is a one-time charge, not a per annum charge, and is not subject to refund. The initial charge on loans not exceeding one hundred fifty dollars is a one time charge, not a per annum charge and is not subject to refund. The initial charge on loans in excess of one hundred fifty dollars is a one time charge, not a per annum

(3) Loans over Two Thousand but Not over Seventy-Five Hundred Dollars.-On loans with a cash advance exceeding two thousand dollars but not exceeding seventy-five hundred dollars, the finance charges authorized in subparagraphs (1) and (2) of this subsection (a) are not permitted on any part of the loan. On such loans a licensee under this chapter may contract for and receive finance charges not to exceed seven dollars per one hundred dollars of the cash advance, when the loan is made payable over a period of one year, and proportionately at that rate over a longer or shorter period.
(3) Loans Over Two Thousand But Not Over Seventy-Five Hundred Dollars.-On loans with a cash advance exceeding two thousand dollars but not exceeding seventy-five hundred dollars, the finance charges authorized in subparagraphs (1) and (2) of this subsection (a) shall not be permitted on any part of the loan. On such loans a licensee under this chapter may contract for and receive finance charges not to exceed nine dollars per one hundred dollars of the cash advance, when the loan is made payable over a period of one year, and proportionately at that rate over a longer or shorter period.
In addition to the finance charges authorized in subparagraph (3) of this subsection (a), a licensee under this chapter may contract for and receive an initial charge in such an amount as may be agreed upon in writing with the borrower, but not to exceed five percent of the cash advance or two hundred dollars, whichever is lesser, for the expenses, including, but not limited, to any attorney's fees and broker's fees, then or theretofore incurred and the services then and theretofore rendered by the lender incident to the loan or the security therefor, such as investigating the morals and financial standing of the borrower, investigating the security, title and similar investigations and for closing the loan, including any and all expenses incurred or services rendered at the request of the borrower or on his behalf in connection with the loan. The initial charge may not be contracted for or received on any renewal loan made to the same borrower more often than once in a twelve-month period. Upon any loan made to the borrower of a sum in excess of the amount on which the initial charge may have been charged within the twelve-month period, then the initial charge may be contracted for and received on the excess. If a loan is renewed or financed after the expiration of the initial twelve-month

SECTION 3. Section 34-29-140 of the 1976 Code is amended by adding an appropriately numbered subsection to read:

"( ) Dollar Limits on Renewals. A licensee under this chapter may not renew a loan more than one time during any fifteen-month period where the actual dollars given to the customer is less than ten percent of the net outstanding loan balance at the time of renewal."

SECTION 4. Section 37-1-301 of the 1976 Code is amended by adding appropriately numbered subsections to read:

"( ) `Debt Collector' means any person who collects, attempts to collect, directly or indirectly, debts due or asserted to be owed or due another. The term also includes a creditor who collects, attempts to collect, directly or indirectly, his own debts.

( ) `Licensee' means a supervised lender licensed under Section 37-3-503.

( ) `Cash Advance' means the amount of cash or its equivalent that the borrower actually receives or is paid out at his direction or on his behalf."

SECTION 5. Section 37-1-303 of the 1976 Code is amended to read:

"Section 37-1-303. Definitions in this title and the sections in which they appear are:

`Actuarial method'-Section 37-1-301(1)

`Administrator'-Section 37-1-301(2)

`Administrator'-Section 37-6-103

`Agreement'-Section 37-1-301(3)

`Agricultural purpose'-Section 37-1-301(4)

`Alternative mortgage loan'-Section 37-1-301(5)

`Amount financed'-Section 37-2-111

`Assumption'-Section 37-1-301(5A)

`Billing cycle'-Section 37-1-301(6)

`Card holder'-Section 37-1-301(7)

`Card issuer'-Section 37-1-301(8)

`Cash price'-Section 37-2-110

`Cash Advance'-Section 37-1-301( )

`Conspicuous'-Section 37-1-301(9)

`Consumer credit insurance'-Section 37-4-103

`Consumer credit sale'-Section 37-2-104

`Consumer credit transaction'-Section 37-1-301(11)

`Consumer lease'-Section 37-2-106

`Consumer loan'-Section 37-3-104

`Contested case'-Section 37-6-402(1)

`Credit'-Section 37-1-301(12)

`Credit Insurance Act'-Section 37-4-103

`Creditor'-Section 37-1-301(13)

`Credit service charge'-Section 37-2-109

`Debt Collector'-Section 37-1-301( )

`Debtor'-Section 37-1-301(14)

`Earnings'-Section 37-1-301(15)

`Federal Truth-in-Lending Act'-Section 37-1-302

`Goods'-Section 37-2-105(1)

`Home solicitation sale'-Section 37-2-501

`Lender'-Section 37-3-107(1)

`Lender credit card or similar

arrangement'-Section 37-1-301(16)

`License'-Section 37-6-402(2)

`Licensee'- Section 37-1-301( )

`Licensing'-Section 37-6-402(3)

`Loan'-Section 37-3-106

`Loan finance charge'-Section 37-3-109

`Merchandise certificate'-Section 37-2-105(2)

`Official fees'-Section 37-1-301(17)

`Organization'-Section 37-1-301(18)

`Party'-Section 37-6-402(4)

`Payable in installments'-Section 37-1-301(19)

`Person'-Section 37-1-301(20)

`Person related to'-Section 37-1-301(21)

`Precomputed' (loan)-Section 37-3-107(2)

`Precomputed' (sale)-Section 37-2-105(7)

`Presumed' or `presumption'-Section 37-1-301(22)

`Principal'-Section 37-3-107(3)

`Residence'-Section 37-1-301(23)

`Residential manufactured home'-Section 37-1-301(24)

`Residential real property'-Section 37-1-301(25)

`Restricted lender'-Section 37-3-501(4)

`Restricted loan'-Section 37-3-501(3)

`Revolving loan account'-Section 37-3-108

`Rule'-Section 37-6-402(5)

`Sale of an interest in land'-Section 37-2-105(6)

`Sale of goods'-Section 37-2-105(4)

`Sale of services'-Section 37-2-105(5)

`Seller'-Section 37-2-107

`Seller credit card'-Section 37-1-301(26)

`Services'-Section 37-2-105(3)

`Supervised financial organization'-Section 37-1-301(27)

`Supervised lender'-Section 37-3-501(2)

`Supervised loan'-Section 37-3-501(1)."

SECTION 6. Section 37-3-201(2) of the 1976 Code is amended to read:

"(2) With respect to a consumer loan, including a loan pursuant to open-end credit, a supervised lender may contract for and receive a loan finance charge, calculated according to the actuarial method, not exceeding the greater of either of the following:

(a) any rate filed and posted pursuant to Section 37-3-305; or

(b) eighteen percent per year on the unpaid balances of principal. as provided:

(a) on loans with a cash advance not exceeding six hundred dollars, a maximum charge not exceeding the maximum charges imposed in Section 34-29-140 as disclosed as an annual percentage rate, provided that a supervised lender may impose a finance charge at a rate less than provided in Section 34-29-140, and provided further that the maximum charge shall not exceed the rate posted and filed pursuant to Section 37-3-305;

(b) on loans with a cash advance exceeding six hundred dollars, and on all loans, regardless of the dollar amount, made by Supervised Financial Organizations, any rate filed and posted pursuant to Section 37-3-305; or

(c) on loans of any amount, eighteen percent per year on the unpaid balances of principal."

SECTION 7. Section 37-3-305 of the 1976 Code is amended by adding an appropriately numbered subsection to read:

"( ) On loans with a cash advance not exceeding six hundred dollars, a licensed lender may not post a rate which exceeds the maximum charges imposed in Section 34-29-140 as disclosed as an annual percentage rate or that rate filed and posted pursuant to this section, whichever is less."

"Section 37-3-505. (1) Every licensee shall maintain records in conformity with generally accepted accounting principles and practices in a manner that will enable the State Board of Financial Institutions to determine whether the licensee is complying with the provisions of this title. The record keeping system of a licensee shall be sufficient if he makes the required information reasonably available. The records need not be kept in the place of business where supervised loans are made, if the board is given free access to the records wherever located. The records pertaining to any loan, including the certified maximum rate chart in effect at the time the loan was made, need not be preserved for more than two years after making the final entry relating to the loan, but in the case of a revolving loan account the two years is measured from the date of each entry.

(2) On or before April 15 each year every licensee shall file with the Board board a composite annual report in the form prescribed by the Board board relating to all supervised loans made by him. The Board board shall consult with comparable officials in other states for the purpose of making the kinds of information required in annual reports uniform among the states.

(3) The report shall include, but is not limited to, the following:

(a) the total number of loans and aggregate dollar amounts made by the lender which renewed existing accounts;

(b) the total number of new loans and aggregate dollar amounts made to former borrowers;

(c) the total number of loans and aggregate dollar amounts made to new borrowers;

(d) the total number of loans and aggregate dollar amounts which received a final entry, as provided in subsection (a), other than by renewal;

(e) the total number of renewals in which the borrower received a cash advance which was less than ten percent of the net outstanding loan balance at the time of renewal;

(f) the total number of loans and aggregate dollar amounts outstanding at the beginning of the reporting period;

(g) the total number of loans and aggregate dollar amounts outstanding at the end of the reporting period;

(h) the highest annual percentage rate charged by the lender on loans of various sizes; and

(i) the most frequent annual percentage rate charged by the lender on loans of various sizes.

SECTION 9. Chapter 3 of Title 37 of the 1976 Code is amended by adding:

"Section 37-3-515. A licensed lender may not renew a loan of one thousand dollars or less more than one time during any fifteen-month period where the dollars actually given to the customer is less than ten percent of the net outstanding loan balance at the time of renewal."

SECTION 10. Section 37-5-108 of the 1976 Code is amended to read:

"Section 37-5-108. (1) With respect to a transaction that is, gives rise to, or leads the debtor to believe will give rise to, a consumer credit transaction, if the court as a matter of law finds:

(a) the agreement or transaction to have been unconscionable at the time it was made, or to have been induced by unconscionable conduct, the court may refuse to enforce the agreement; or

(b) any term or part of the agreement or transaction to have been unconscionable at the time it was made, the court may refuse to enforce the agreement, enforce the remainder of the agreement without the unconscionable term or part, or so limit the application of any unconscionable term or part as to avoid any unconscionable result and award the consumer any actual damages he has sustained.

(2) With respect to a consumer credit transaction, if the court as a matter of law finds that a person has engaged in, is engaging in, or is likely to engage in unconscionable conduct in collecting a debt arising from that transaction, the court may grant an injunction and award the consumer any treble damages he has sustained. In addition, the consumer has a cause of action to recover actual damages and, in an action other than a class action, a right to recover from the person violating this section a penalty in the amount determined by the court of not less than one hundred dollars nor more than one thousand dollars. For purposes of this subsection and subsection (3), the term `collecting a debt' in a consumer credit transaction includes the collection or the attempt to collect any rental charge or any other fee or charge or any item rented to a lessee in connection with a consumer rental-purchase agreement as described in Section 37-2-701(6).

(3) If it is claimed or appears to the court that the agreement or transaction or any term or part thereof may be unconscionable, or that a person has engaged in, is engaging in, or is likely to engage in unconscionable conduct in collecting a debt, the parties shall be afforded a reasonable opportunity to present evidence as to the setting, purpose,

(4) In applying subsection (1), consideration must be given to each of the following factors, among others, as applicable:

(a) belief by the seller, lessor, or lender at the time a transaction is entered into that there is no reasonable probability of payment in full of the obligation by the consumer or debtor; provided, however, that the rental renewals necessary to acquire ownership in a consumer rental-purchase agreement shall not be construed to be the obligation contemplated in this code section;

(b) in the case of a consumer credit sale, consumer lease, or consumer rental-purchase agreement, knowledge by the seller or lessor at the time of the sale or lease of the inability of the consumer to receive substantial benefits from the property or services sold or leased;

(c) in the case of a consumer credit sale, consumer lease, consumer rental-purchase agreement, or consumer loan, gross disparity between the price of the property or services sold, leased, or loaned and the value of the property, services, or loan measured by the price at which similar property, services, or loans are readily obtainable in consumer credit transactions by like consumers;

(d) the fact that the creditor contracted for or received separate charges for insurance with respect to a consumer credit sale, consumer loan, or consumer rental-purchase agreement with the effect of making the sale or loan considered as a whole, unconscionable, including the sale of insurance where the consumer could receive no potential benefit as referenced in Section 37-4- 106(1)(a);

(e) the fact that the seller, lessor, or lender has knowingly taken advantage of the inability of the consumer or debtor reasonably to protect his interests by reason of physical or mental infirmities, ignorance, illiteracy, inability to understand the language of the agreement, or similar factors.
(f) taking a nonpurchase money nonpossessory security interest in household goods defined as the following: clothing, furniture, appliances, one radio and one television, linens, china, crockery, kitchenware, and personal effects (including wedding rings) of the consumer and his or her dependents; provided, that when a purchase money consumer credit transaction is refinanced or consolidated, the security lawfully collateralizing the prior consumer credit transaction can continue to secure the new consumer credit transaction, even if the new consumer credit transaction is for a larger amount or is in other respects a nonpurchase money consumer credit transaction; and provided further, that a

In construing subsection (f), the courts shall be guided by the interpretations and rulings of the federal courts and the Federal Trade Commission to the Credit Trade Regulation Rule (16 C.F.R. PART 444).
(5) In applying subsection (2), consideration shall be given to each of the following factors, among others, as applicable:

(a) using or threatening to use force, violence, or criminal prosecution against the consumer or members of his family, including harm to the physical person, reputation, or property of any person;

(b) communicating with the consumer or a member of his family at frequent intervals during a twenty-four hour period or at unusual hours or under other circumstances so that it is a reasonable inference that the primary purpose of the communication was to harass the consumer;. The term `communication' means the conveying of information regarding a debt directly or indirectly to any person through any medium. A creditor or debt collector may not:
(i) communicate with a consumer at any unusual time or place known or which should be known to be inconvenient to the consumer. In the absence of knowledge of circumstances to the contrary, it may be assumed that a convenient time to communicate with a consumer is between 8 a.m. and 9 p.m.; or
(ii) communicate with a consumer who is represented by an attorney when such fact is known to the creditor or debt collector unless the attorney consents to direct communication or fails to respond within ten days to a communication;

(iii) contact a consumer at his place of employment after the consumer or his employer has requested in writing that no contacts be made at such place of employment or except as may be otherwise permitted by statute or to verify the consumer's employment;

(iv) communicate with anyone other than the consumer, his attorney, a consumer reporting agency if otherwise permitted by law, the attorney of the creditor or debt collector, unless the consumer or a court of competent jurisdiction has given prior direct permission;

(v) use obscene or profane language or language the natural consequence of which is to abuse the hearer or reader;

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