State Codes and Statutes

State Codes and Statutes

Statutes > North-carolina > Chapter_53 > GS_53-165

§ 53‑165.  Definitions.

(a)        "Amount of theloan" shall mean the aggregate of the cash advance and the chargesauthorized by G.S. 53‑173 and G.S. 53‑176.

(b)        "Borrower"shall mean any person who borrows money from any licensee or who pays orobligates himself to pay any money or otherwise furnishes any valuableconsideration to any licensee for any act of the licensee as a licensee.

(c)        "Cashadvance" shall mean the amount of cash or its equivalent that the borroweractually receives or is paid out at his discretion or on his behalf.

(d)        "Commission"shall mean the State Banking Commission.

(e)        "Commissioner"shall mean the Commissioner of Banks.

(f)         "Deputycommissioner" shall mean the deputy commissioner of banks.

(g)        "License"shall mean the certificate issued by the Commissioner under the authority ofthis Article to conduct a consumer finance business.

(h)        "Licensee"shall mean a person to whom one or more licenses have been issued.

(i)         "Loanableassets" shall mean cash or bank deposits or installment loans made as alicensee pursuant to this Article or installment loans made as a licenseepursuant to the Article which this Article supersedes or such other loanspayable on an installment basis as the Commissioner of Banks may approve, orany combination of two or more thereof.

(j)         "Person"shall include any person, firm, partnership, association or corporation. (1957, c. 1429, s. 1; 1961,c. 1053, s. 1; 2001‑519, s. 1.)