Section 16a-2-301 - [Effective 1/1/2025] (UCCC) Authority to make supervised loans; residential mortgage loan origination; registration required(1) Unless a person is exempt from licensing pursuant to section 15, and amendments thereto, such person shall not engage in the business of: (a) Making supervised loans; or(b) taking assignments of and directly or indirectly, including through the use of supervised loans servicing contracts or otherwise, and either: (i) Undertaking collection of payments from debtors arising from supervised loans; or(ii) enforcing rights against debtors arising from supervised loans.(2)If any person is engaged in the business of subsection (1)(b), such person shall promptly apply for a license and may for three months collect and enforce without such license, provided such person's application has not been denied.
Amended by L. 2024, ch. 6,§ 42, eff. 1/1/2025.L. 1973, ch. 85, § 18; L. 1980, ch. 76, § 6; L. 1985, ch. 83, § 1; L. 1988, ch. 85, § 5; L. 2009, ch. 29, § 16; July 1.This section is set out more than once due to postponed, multiple, or conflicting amendments.