Unlicensed dealing in loans prohibited; license required for each office or other place of business.
1. No person may engage in the business of lending in this state without first having obtained a license from the Commissioner for each office or other place of business at which the person engages in such business.
2. For the purpose of this section, a person engages in the business of lending in this state if he:
(a) Solicits loans in this state or makes loans to persons in this state, unless these are isolated, incidental or occasional transactions; or
(b) Is located in this state and solicits loans outside of this state or makes loans to persons located outside of this state, unless these are isolated, incidental or occasional transactions.
Last modified: February 26, 2006