Home Improvement Financing Volume III - AARP

[Pages:33]A Model State Law

In three volumes

FINANCIAL PROTECTION

Home Improvement Financing

Volume III Summaries of State Laws (Minnesota - Wyoming)

HOME IMPROVEMENT .INANCING

Volume III

SUMMARIES O. STATE STATUTES

Minnesota - Wyoming

by Margot Saunders, Attorney Elizabeth Renuart, Attorney National Consumer Law Center

Sharon Hermanson, Project Officer AARP Public Policy Institute

October 2000

The Public Policy Institute, formed in 1985, is part of Public Affairs at AARP. One of the missions of the Institute is to foster research and analysis on public policy issues of importance to older Americans. This publication represents part of that effort. The views expressed therein are for information, debate, and discussion, and do not necessarily represent formal policies of AARP. ? 2000, AARP. Reprinting with permission only. Stock Number: D17165 AARP, 601 E Street, NW, Washington, DC 20049

Contents Volume III Home Improvement .inancing Summaries of State Statutes (Minnesota - Wyoming)

MINNESOTA ........................................................................................................................................6 Interest and Usury ......................................................................................................................... 6 Minnesota Consumer Credit Uniform Code and Consumer Credit Sales ..................................... 6 Regulated Loans (Small Loan Act) ................................................................................................ 7

MISSISSIPPI ........................................................................................................................................8 Interest-Usury ................................................................................................................................ 8 Small Loan Regulatory Law .......................................................................................................... 8

MISSOURI ......................................................................................................................................... 10 Retail Credit Sales Law ............................................................................................................... 10 Interest-Usury .............................................................................................................................. 11 Default ......................................................................................................................................... 12 Second Mortgage Loans ............................................................................................................. 13

MONTANA ......................................................................................................................................... 14 Consumer Loan Businesses Act ................................................................................................ 14 Usury ........................................................................................................................................... 14 Retail Installment Sales Act ......................................................................................................... 15

NEBRASKA ....................................................................................................................................... 17 Mortgage Broker Registration Act ................................................................................................ 17 Nebraska Industrial Loan Acts ..................................................................................................... 17 Retail Installment Sales Act ......................................................................................................... 18 Installment Loan Act .................................................................................................................... 19 Usury ........................................................................................................................................... 20

NEVADA ............................................................................................................................................ 21 Installment Loan Act .................................................................................................................... 21 Nevada Retail Installment Sales Act ............................................................................................ 22 Usury ........................................................................................................................................... 23 Mortgage Licensing Act ............................................................................................................... 23

NEW HAMPSHIRE ............................................................................................................................ 24 Second Mortgage Home Loan Act ............................................................................................... 24 Disclosure of Finance Charge Act .............................................................................................. 24 Regulation of Small Loan Act ...................................................................................................... 25 Rate of Interest ............................................................................................................................ 26

NEW JERSEY ................................................................................................................................... 27 Door to Door Home Repair Sales Act ......................................................................................... 27 Home Repair Financing Act ........................................................................................................ 27 Licensed Lenders ........................................................................................................................ 29 Retail Installment Sales Act ......................................................................................................... 30 Small Loan Business Act ............................................................................................................ 31 Interest and Usury ....................................................................................................................... 32

2 Volume III - Home Improvement .inancing: Summaries of State Statutes

NEW MEXICO ................................................................................................................................... 33 Installment Loan Act .................................................................................................................... 33 Mortgage Loan Companies and Brokers ..................................................................................... 33 Retail Installment Sales Act ......................................................................................................... 34 Small Loan Act ............................................................................................................................ 35 Money, Interest and Usury/Residential Home Loan Act ............................................................... 36

NEW YORK ...................................................................................................................................... 38 Retail Installment Sales Act ......................................................................................................... 38 Licensed Lenders (Small Loans) ................................................................................................ 38 Rate of Interest ............................................................................................................................ 39

NORTH CAROLINA .......................................................................................................................... 41 North Carolina Consumer Finance Act (Small Loans) ................................................................ 41 Retail Installment Sales Act ......................................................................................................... 41 Interest Rates .............................................................................................................................. 42

NORTH DAKOTA .............................................................................................................................. 44 Retail Installment Loan Act .......................................................................................................... 44 Consumer Finance (Small Loan) Act .......................................................................................... 45

OHIO ................................................................................................................................................. 47 Second Mortgage Security Loans ............................................................................................... 47 Retail Installment Sales ............................................................................................................... 47 Small Loans ................................................................................................................................ 48 Interest and Usury ....................................................................................................................... 49

OKLAHOMA ...................................................................................................................................... 51 Oklahoma UCCC ? Consumer Credit Sales ............................................................................... 51 Oklahoma UCCC-Loans ............................................................................................................. 52 Loans of Money ........................................................................................................................... 54

OREGON .......................................................................................................................................... 55 Consumer Finance...................................................................................................................... 55 Retail Installment Contracts ........................................................................................................ 55 Interest ........................................................................................................................................ 56

PENNSYLVANIA ................................................................................................................................ 58 Home Improvement Finance Act ................................................................................................. 58 Retail Installment Sales ............................................................................................................... 59 Consumer Discount Company Act (Small Loans) ...................................................................... 60 Usury ........................................................................................................................................... 60

PUERTO RICO ................................................................................................................................. 62 Interest-Usury .............................................................................................................................. 62 Retail Installment Sales and Financing Companies Act .............................................................. 63

RHODE ISLAND ............................................................................................................................... 65 Home Solicitation Sales; Unfair Home Improvement Loans to Senior Citizens........................... 65 Truth in Lending and Retail Selling .............................................................................................. 66 Licensed Activities; Lenders and Brokers; and Small Loan Lenders ........................................... 66 Usury ........................................................................................................................................... 68

Volume III - Home Improvement .inancing: Summaries of State Statutes 3

SOUTH CAROLINA ........................................................................................................................... 69 South Carolina Consumer Protection Code ................................................................................ 69 Consumer Finance Law (Small Loans)....................................................................................... 70 Usury and Miscellaneous Loan Provisions .................................................................................. 71

SOUTH DAKOTA .............................................................................................................................. 72 Consumer Installment Sales Contracts ...................................................................................... 72 Small Installment Loans and Consumer Finance ........................................................................ 72 Interest and Usury ....................................................................................................................... 73

TENNESSEE .................................................................................................................................... 74 Tennessee Industrial Loan Act ..................................................................................................... 74 Retail Installment Sales Act ......................................................................................................... 74 Interest Rates .............................................................................................................................. 75 Real Estate Loans ....................................................................................................................... 76

TEXAS ............................................................................................................................................... 78 Secondary Mortgage Loans ........................................................................................................ 78 Retail Installment Sales ............................................................................................................... 79 Small Loans and Installment Loans ............................................................................................ 81 Interest Rates .............................................................................................................................. 82

UTAH ................................................................................................................................................. 84 Utah Consumer Credit Code ....................................................................................................... 84 Usury ........................................................................................................................................... 85

VERMONT ........................................................................................................................................ 86 Licensed Lenders ........................................................................................................................ 86 Retail Installment Sales ............................................................................................................... 86 Interest Generally ........................................................................................................................ 87

VIRGIN ISLANDS ............................................................................................................................... 89 Interest and Usury ....................................................................................................................... 89

VIRGINIA ............................................................................................................................................ 90 Virginia Consumer Finance Act (Small Loans) ........................................................................... 90 Interest and Usury ....................................................................................................................... 90

WASHINGTON .................................................................................................................................. 92 Consumer Loan Act .................................................................................................................... 92 Retail Installment Sales of Goods and Services.......................................................................... 92 Consumer Finance Act (Small Loans) ........................................................................................ 93 Interest and Usury ....................................................................................................................... 94

WEST VIRGINIA ................................................................................................................................ 96 Secondary Mortgage Loans ........................................................................................................ 96 Money and Interest ...................................................................................................................... 97 West Virginia Consumer Credit And Protection Act .................................................................... 97

WISCONSIN.................................................................................................................................... 100 Wisconsin's Consumer Credit Code ........................................................................................ 100 Money and Rates of Interest ...................................................................................................... 101

4 Volume III - Home Improvement .inancing: Summaries of State Statutes

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