16a-2-307

Chapter 16a.--CONSUMER CREDIT CODE

Part 3 CONSUMER LOANS; SUPERVISED LENDERS
Article 2.--FINANCE CHARGES AND RELATED PROVISIONS

     
16a-2-307.   (UCCC) Restrictions on interest in land as security.
With respect to a consumer loan in which the finance charge exceeds
12% and the amount financed is $3,000 or less, a lender may not
contract
for an interest in
land as security. A security interest taken in violation of this section is
void.

     
History:   L. 1973, ch. 85, § 24;
L. 1999, ch. 107, § 14; July 1.