The total liabilities to any industrial loan institution of any person, corporation, company, or firm for money borrowed, including in the liabilities of the company or firm the liabilities of the several members thereof, shall at no time exceed twenty percent (20%) of the actually paid-up capital and surplus of the industrial loan institution. However, the discount of bona fide bills of exchange or acceptances drawn against actually existing values and the discount of commercial or business paper actually owned by the person, corporation, company, or firm negotiating them shall not be considered money so borrowed.
Section: Previous 23-36-102 23-36-103 23-36-104 23-36-105 23-36-106 23-36-107 23-36-108 23-36-109 23-36-110 23-36-111 23-36-112 23-36-113 23-36-114 23-36-115 23-36-116 NextLast modified: November 15, 2016