Title 54 - DEBTOR AND CREDITOR
- Chapter 01 - Definitions And General Provisions
- Section 54-1-1 - Definition of terms--Debtor--Creditor.
- Section 54-1-2 - Loan of money defined.
- Section 54-1-3 - Debtor's contract valid in the absence of fraud.
- Section 54-1-4 - Preference of creditors by debtor.
- Section 54-1-5 - Marshaling of funds--Rights of creditor.
- Section 54-1-6 - "Open account" defined.
- Section 54-1-7 - Open account--Interest rates.
- Section 54-1-8 - Open account--Notice of interest rate increase.
- Section 54-1-9 - "Securitization" defined.
- Chapter 02 - Payment Of Debts
- Chapter 03 - Interest And Usury
- Section 54-3-1 - Interest defined.
- Section 54-3-1.1 - Rate of interest set by written agreement--No maximum or usury restriction.
- Section 54-3-10 - Repealed.
- Section 54-3-11 - Repealed.
- Section 54-3-12 - Repealed.
- Section 54-3-13 - Regulated lenders exempt from interest rate limitations and usury statutes.
- Section 54-3-14 - "Regulated lenders" defined.
- Section 54-3-15 - Exemption from federal preemption of state usury laws.
- Section 54-3-16 - Official state interest rates.
- Section 54-3-2 - Loan of money--Presumption as to interest.
- Section 54-3-3 - Annual rate of interest where not specified.
- Section 54-3-4 - Maximum rate of interest where no rate specified--Commencement where date notspecified.
- Section 54-3-5 - Interest on moneys after they become due--Exception for express contracts or interestrate on bill, statement, or invoice--Limitation on interest rate.
- Section 54-3-5.1 - Interest on judgments, statutory liens and inverse condemnations.
- Section 54-3-6 - Legal rate of interest stipulated by contract after breach.
- Section 54-3-7 - Repealed.
- Section 54-3-7.1 - Repealed.
- Section 54-3-7.2 - Repealed.
- Section 54-3-7.3 - Omitted.
- Section 54-3-7.4 - Omitted.
- Section 54-3-8 - Interest on loan--Advance deduction.
- Section 54-3-9 - Repealed.
- Chapter 03A - Consumer Installment Sales Contracts
- Section 54-3A-1 - Definition of terms.
- Section 54-3A-10 - Rebate on acceleration of maturity.
- Section 54-3A-11 - Delinquent installments--Notice of penalty to consumer.
- Section 54-3A-12 - Imposition and collection of delinquency charge.
- Section 54-3A-12.1 - Imposition and collection of returned check charge--Maximum.
- Section 54-3A-13 - Repealed.
- Section 54-3A-14 - Unilateral deferral by creditor prohibited.
- Section 54-3A-15 - Deferral agreement requirements.
- Section 54-3A-16 - Deferral charge not collected on refinancing.
- Section 54-3A-17 - Refinancing agreement--Rebate excluded--Loans made under installment loanprovisions excluded.
- Section 54-3A-18 - Refinancing agreement requirements.
- Section 54-3A-19 - Creditor's remedies on delinquency.
- Section 54-3A-2 - Items included in amount financed.
- Section 54-3A-20 - Debt forfeited for excessive charges--Costs and attorney fees.
- Section 54-3A-21 - Limitation on action for excessive charges.
- Section 54-3A-22 - Demand required before action for excessive charges.
- Section 54-3A-23 - Proof of unintentional error.
- Section 54-3A-24 - Rules and regulations.
- Section 54-3A-3 - Finance charges on installment sales contract.
- Section 54-3A-4 - Repealed.
- Section 54-3A-5 - Additional charges allowed--Disclosure and explanation to consumer--Separateagreement.
- Section 54-3A-6 - Commencement of term of obligation--Down payments.
- Section 54-3A-7 - Modification of agreement to increase outstanding obligation prohibited--Exception.
- Section 54-3A-8 - Rule for computing refund of charges on prepayment.
- Section 54-3A-8.1 - Restriction on use of rule.
- Section 54-3A-9 - Rebate of portion of finance charge on prepayment or refinancing--Exceptions.
- Chapter 04 - Money Lending Licenses
- Section 54-4-1 - Repealed.
- Section 54-4-2 - Repealed.
- Section 54-4-36 - Definition of terms.
- Section 54-4-37 - Entities exempt from chapter provisions.
- Section 54-4-38 - Promulgation of rules.
- Section 54-4-39 - Compliance with Title 53.
- Section 54-4-40 - Application for license--Forms--Fee--Information required--Exemption from fee andbonding requirements.
- Section 54-4-41 - Rejection or acceptance of application by director.
- Section 54-4-42 - Bond to be filed with application.
- Section 54-4-43 - Investigation of facts concerning license application--Requirements for grant oflicense.
- Section 54-4-44 - Right to engage in business after procurement of license.
- Section 54-4-45 - Duration of license--Renewal.
- Section 54-4-46 - Transfer of license--Approval required for name change.
- Section 54-4-47 - Location to be licensed--Change of location.
- Section 54-4-48 - Cease and desist order for practice not in conformity to requirements--Appeal.
- Section 54-4-49 - Suspension or revocation of license.
- Section 54-4-50 - Injunction against licensee for violation.
- Section 54-4-51 - Court-appointed receivership.
- Section 54-4-52 - License required.
- Section 54-4-53 - Deposit of funds.
- Section 54-4-54 - Payment of annual tax--Exemption.
- Section 54-4-55 - Exemption from other taxes.
- Section 54-4-56 - Renewal of application--Tax information--Forms.
- Section 54-4-57 - Examination of records--Costs--Information--Forms--Application of otherprovisions.
- Section 54-4-58 - Information required in contract.
- Section 54-4-59 - Property insurance required.
- Section 54-4-60 - Purchase of insurance not condition to receive loan.
- Section 54-4-61 - Copy provided to debtor.
- Section 54-4-62 - Satisfaction of loan--Release of assignments.
- Section 54-4-63 - Advertising.
- Section 54-4-64 - Application of chapter.
- Section 54-4-65 - Limitation on renewal, rollover, or flip of short-term consumer loan--Fee.
- Section 54-4-66 - Maximum amount of payday loan--Violation as misdemeanor.
- Section 54-4-67 - Production of records located outside state--Alternate procedures--Designated recordinspectors.
- Section 54-4-68 - Appointment of resident agent for service of process--Notice.
- Section 54-4-69 - Consent to be sued--Form.
- Section 54-4-70 - Title loans to be evidenced by written agreement--Possession of certification of title--Application of statutes on secured transactions.
- Section 54-4-71 - Term of title loan--Renewal--Payment amounts--Deferred principal amount.
- Sections 54-4-3 to 54-4-35 - Repealed
- Chapter 05 - Installment Loans [Repealed]
- Chapter 06 - Small Installment Loans And Consumer Finance [Repealed]
- Section 54-6-1 - Repealed.
- Section 54-6-2 - Repealed.
- Section 54-6-2.1 - Repealed.
- Section 54-6-36 - Repealed.
- Section 54-6-40 - Repealed.
- Section 54-6-41 - Repealed.
- Section 54-6-42 - Repealed.
- Section 54-6-43 - Repealed.
- Section 54-6-46 - Repealed.
- Section 54-6-57 - Repealed.
- Section 54-6-58 - Repealed.
- Section 54-6-59 - Repealed.
- Section 54-6-6 - Repealed.
- Sections 54-6-17, 54-6-18 - Repealed
- Sections 54-6-19 to 54-6-35 - Repealed
- Sections 54-6-3 to 54-6-5 - Repealed
- Sections 54-6-37 to 54-6-39 - Repealed
- Sections 54-6-44, 54-6-45 - Repealed
- Sections 54-6-47 to 54-6-56 - Repealed
- Sections 54-6-7 to 54-6-16 - Repealed
- Chapter 06A - Lease-Purchase Agreements For Personal Property
- Section 54-6A-1 - Definitions.
- Section 54-6A-2 - Lease-purchase agreement defined.
- Section 54-6A-3 - Agreements exempt from other laws.
- Section 54-6A-4 - Disclosure of information.
- Section 54-6A-5 - Information required in disclosure.
- Section 54-6A-6 - Provisions prohibited in agreements.
- Section 54-6A-7 - Reinstatement of agreement--Repossession.
- Section 54-6A-8 - Written receipts for cash or money order.
- Section 54-6A-9 - Renegotiation for new agreement--Extensions.
- Chapter 07 - Motor Vehicle Retail Installment Sales [Repealed]
- Chapter 08 - Acts In Fraud Of Creditors
- Section 54-8-1 - Transfer with intent to delay or defraud creditors void.
- Section 54-8-2 - Transfer of personal property--Constructive notice or actual delivery of possession--Rights of creditors.
- Section 54-8-20 - Removal, secretion, encumbrancing or disposition of property to defraud creditors--Misdemeanor.
- Section 54-8-21 - Assignment or transfer of property to preferred creditors as felony--Exception.
- Section 54-8-22 - Party to transfer or assignment of property to defraud creditors guilty of felony.
- Section 54-8-3 - Avoidance of act or obligation of debtor for fraud--Obstruction of legal process.
- Section 54-8-4 - Fraudulent intent--Question of fact--Inadequacy of consideration.
- Sections 54-8-5 to 54-8-19 - Repealed
- Chapter 08A - Uniform Fraudulent Transfer Act
- Section 54-8A-1 - Definitions.
- Section 54-8A-10 - Supplementary provisions.
- Section 54-8A-11 - Uniform application and construction.
- Section 54-8A-2 - Insolvency.
- Section 54-8A-3 - Value.
- Section 54-8A-4 - Transfers fraudulent as to present and future creditors.
- Section 54-8A-5 - Transfers fraudulent as to present creditors.
- Section 54-8A-6 - When transfer is made or obligation is incurred.
- Section 54-8A-7 - Remedies of creditors.
- Section 54-8A-8 - Defenses, liability and protection of transferee.
- Section 54-8A-9 - Extinguishment of cause of action.
- Chapter 09 - Assignment For Benefit Of Creditors
- Section 54-9-1 - Execution of assignment by insolvent debtor.
- Section 54-9-10 - Assent of creditors necessary to modification of assignment.
- Section 54-9-11 - Bond of assignee--Amount--Approval of sureties by circuit court--Terms andconditions.
- Section 54-9-12 - Disposal or conversion of estate--Authority of assignee.
- Section 54-9-13 - Assignee takes subject to rights of third parties--Nonliability for acts done in goodfaith under void assignment.
- Section 54-9-13.1 - Action by assignee against person receiving property of debtor in fraud of creditors.
- Section 54-9-13.2 - Action by assignee against creditor receiving voluntary transfer from insolventassignor.
- Section 54-9-13.3 - Duties of assignee.
- Section 54-9-13.4 - Notice to creditors to present verified claims--Publication.
- Section 54-9-13.5 - Contents of creditor's claim--Claim founded upon instrument.
- Section 54-9-13.6 - Time limitation on filing creditor's claim.
- Section 54-9-13.7 - Wages and commissions as preferred claims--Limitation on amount--"Traveling orcity salesmen" defined.
- Section 54-9-13.8 - Sale or compromise of claims or property of estate--Liability of assignee.
- Section 54-9-13.9 - Sales at public auction--Procedure for private sales and sales of perishable property.
- Section 54-9-14 - Compensation of assignee.
- Section 54-9-15 - Proceeding subject to order and supervision of circuit court--Rendition of accountsand filing of reports by assignee--Distribution of trust estate.
- Section 54-9-15.1 - Power of court to take and state accounts.
- Section 54-9-15.2 - Accountants and attorneys appointed by court--Compensation of attorneys.
- Section 54-9-16 - Accounting of assignee.
- Section 54-9-16.1 - Deposit of funds in court for distribution subsequent to discharge of assignee.
- Section 54-9-17 - Removal of assignee by circuit court--Appointment and delivery of property tosuccessor.
- Section 54-9-18 - Removal of assignee by circuit court--Discharge on full accounting and surrender ofproperty to new assignee.
- Section 54-9-19 - Discharge of assignee upon full compliance with trust.
- Section 54-9-2 - Instrument of assignment--Execution--Acknowledgment or proof--Recording--Defective execution invalidates assignment.
- Section 54-9-20 - Application of assignee for discharge--Notice by publication.
- Section 54-9-21 - Hearing upon application of assignee for discharge--Order requiring the performanceof acts not completed--Order of discharge, granting, effect.
- Section 54-9-3 - Subsisting absolute or contingent liability of assignor.
- Section 54-9-4 - Repealed.
- Section 54-9-5 - Assignment invalid against creditor of assignor not assenting thereto.
- Section 54-9-6 - Property exempt from execution--Life insurance--Effect of assignment.
- Section 54-9-7 - Inventory required of assignor--Contents--Verification.
- Section 54-9-8 - Recording assignment and filing inventory.
- Section 54-9-9 - Effect of omitting to record--Assignment of real property.
- Chapter 10 - Secured Creditors' Claims In Liquidation Proceedings
- Section 54-10-1 - Definition of terms.
- Section 54-10-10 - Value of security, determination by liquidator's sale of assets--Order of sale,requirements.
- Section 54-10-11 - Value of exempt security not credited upon claim.
- Section 54-10-12 - Application of chapter to existing transactions.
- Section 54-10-13 - Uniformity of interpretation of chapter.
- Section 54-10-2 - Secured creditor's claim against general assets--Disclosure of nature of security.
- Section 54-10-3 - Failure of secured creditor to disclose existence of security--Effect of concealment.
- Section 54-10-4 - Dividends to secured creditors--Computation.
- Section 54-10-5 - Obligation for payment of money as security--Determination of value.
- Section 54-10-6 - Security other than obligation for the payment of money--Determination of value.
- Section 54-10-7 - Statutory provisions for determination of value of obligations impracticable orresulting in undue delay--Alternative method for determination of value.
- Section 54-10-8 - Value of security, determination by compromise--Redemption of assets by liquidator.
- Section 54-10-9 - Value of security, determination by litigation--Redemption of assets by liquidator.
- Chapter 11 - Credit Cards And Revolving Charge Accounts
- Section 54-11-1 - "Credit card" or "accepted credit card" defined.
- Section 54-11-10 - Modification of credit card agreement--Right to reject changes-Notice-Acceptance.
- Section 54-11-2 - Repealed.
- Section 54-11-3 - Repealed.
- Section 54-11-4 - Unsolicited issuance of credit card prohibited--No liability for misuse by others.
- Section 54-11-5 - "Revolving charge account" and "consumer goods and services" defined.
- Section 54-11-6 - Repealed.
- Section 54-11-6.1 - Credit service charge permitted on revolving charge account.
- Section 54-11-6.2 - Amount of service charge--Requirements--Compounding charge.
- Section 54-11-6.3 - Maximum service charge.
- Section 54-11-6.4 - Minimum charge on monthly bills when service charge less than minimum charge.
- Section 54-11-7 - Repealed.
- Section 54-11-8 - Bank loan accounts unaffected.
- Section 54-11-9 - Creation of contract between card holder and issuer.
- Chapter 12 - Reverse Mortgage Loans
- Chapter 13 - State Farm Mediation Board
- Section 54-13-1 - Definition of terms.
- Section 54-13-10 - Request for mediation prerequisite for action against agricultural land or property--Mediation release, waiver, or court determination required.
- Section 54-13-11 - Notice of mediation meeting--Initial meeting--Exempt creditors--Waiver of right tomediate--Debt collection limitations.
- Section 54-13-12 - Length of mediation period--Notice to borrower--Additional meetings.
- Section 54-13-13 - Mediation of indebtedness requested by borrower--Procedure--Attendance atmeetings not required.
- Section 54-13-14 - State or federal time periods deemed to run concurrently.
- Section 54-13-15 - Continuation of mediation--Expiration of mediation period--Agreement betweenborrower and creditors.
- Section 54-13-16 - Statement of waiver or failure to reach agreement deemed release.
- Section 54-13-17 - Time limitation on waiver by borrower.
- Section 54-13-18 - Information regarding finances of borrowers and creditors not public records--Mediation meetings not open.
- Section 54-13-19 - Other rights and duties, penalties, and actions not affected.
- Section 54-13-2 - Agriculture mediation program--Purposes--Administration.
- Section 54-13-3 - Repealed.
- Section 54-13-4 - Staff services--Employment of director and other employees--Payment of expenses.
- Section 54-13-5 - Responsibility for fees--Farm mediation operating fund created--Appropriation--Annual review--Disbursements.
- Section 54-13-6 - Contracts with state agencies or nonprofit corporations or individuals--Termination.
- Section 54-13-7 - Assistance to borrower by department.
- Section 54-13-8 - Repealed.
- Section 54-13-9 - Notice to borrower of availability of financial preparation assistance.
- Chapter 14 - Mortgage Lender Business
- Section 54-14-12 - Definitions.
- Section 54-14-12.1 - Loan processor or underwriter defined.
- Section 54-14-12.2 - Mortgage loan originator defined.
- Section 54-14-12.3 - Real estate brokerage activity defined.
- Section 54-14-12.4 - Registered mortgage loan originator defined.
- Section 54-14-13 - License required for mortgage lenders, mortgage brokerage, mortgage brokers, andmortgage loan originators--Identification through nationwide mortgage licensingsystem and registry.
- Section 54-14-13.1 - Mortgage loan originator license--Required findings.
- Section 54-14-13.2 - Mortgage loan originator license--Renewal standards.
- Section 54-14-13.3 - Effective dates of §§ 54-14-13.1 and 54-14-13.2.
- Section 54-14-13.4 - License required for loan processor or underwriter--Identification through nationwidemortgage licensing system and registry.
- Section 54-14-13.5 - License required for insurance company lending money for nonresidential mortgageloans.
- Section 54-14-14 - Application for licensure or registration.
- Section 54-14-15 - Information to be furnished to nationwide mortgage licensing system and registry--Distribution of information--Criminal background check.
- Section 54-14-16 - Fees.
- Section 54-14-17 - License and registration not assignable.
- Section 54-14-18 - Expiration of license or registration.
- Section 54-14-19 - Fees for renewal of license.
- Section 54-14-20 - Exemption of certain entities from chapter.
- Section 54-14-20.1 - Exemption of certain persons from mortgage loan originator license requirement.
- Section 54-14-21 - Exemption of certain entities from licensing requirements.
- Section 54-14-22 - Service under licensed mortgage broker, brokerage, or lender required for licenseeligibility--Exemption for certain licensees.
- Section 54-14-23 - Mortgage broker or lender permitted to use services of mortgage loan originator.
- Section 54-14-24 - Surety bond requirements.
- Section 54-14-25 - Violation of license or registration requirements--Misdemeanor.
- Section 54-14-25.1 - Civil penalty for acting without required license or registration.
- Section 54-14-26 - Examination and investigation by director.
- Section 54-14-27 - Conditioning, denial, nonrenewal, suspension, or revocation of license.
- Section 54-14-28 - Reinstatement of license or registration--Termination of suspension--New license orregistration.
- Section 54-14-29 - Procedure for contesting suspension or revocation.
- Section 54-14-30 - Annual tax upon net income--Exemptions.
- Section 54-14-31 - Promulgation of rules regarding licensing, education, and fees.
- Section 54-14-32 - Disposition of fees.
- Section 54-14-33 - Contracts with nationwide mortgage licensing system.
- Section 54-14-34 - Promulgation of rules for challenging information entered in nationwide mortgagelicensing system.
- Section 54-14-35 - Sharing of information.
- Section 54-14-36 - Reports of condition--Promulgation of rules.
- Section 54-14-37 - Reports of violations and enforcement.
- Sections 54-14-1 to 54-14-11 - Repealed