§ 53-179. Multiple-office loan limitations.
§53‑179. Multiple‑office loan limitations.
A licensee shall not grant aloan in one office to any borrower who already has a loan in another officeoperated by the same entity or by an affiliate, parent, subsidiary or under thesame ownership, management or control, whether partial or complete. Thissection shall apply to intrastate and interstate operations. A licensee shalltake every reasonable precaution to prevent granting loans in violation of thissection. Such loans granted inadvertently resulting in a total liability ofthree thousand dollars ($3,000) or less, shall be adjusted to the ratesapplicable under the Article to a single loan of equivalent amount, and whenthe total liability on such loans is in excess of three thousand dollars($3,000), interest shall be adjusted to simple interest at eight percent (8%)per annum on the entire obligation. (1961, c. 1053, s. 1; 1969,c. 1303, s. 13; 1973, c. 1042, s. 6; 1981, c. 561, ss. 5, 6; 1983, c. 68, s.1.)