For the purpose of this chapter, the following definition shall apply unless the context clearly indicates or requires a different meaning.
CONSUMER INSTALLMENT LOAN BUSINESS. Any person, firm, association, corporation or partnership, engaged in the business or service of, and providing facilities for, consumers to receive cash or evidence of cash in exchange for a loan agreement to be repaid in installments over a period of weeks, months or years, which agreement is either collateralized or not, and for which any service charge is made or interest received, including, but not limited to, loans collateralized by personal check, payroll check or personal property title, or collateralized with the promise to relinquish possession to any personal property upon default, or engaged in any one or more of the foregoing businesses; EXCEPT, that this definition does not include: state or national banks, or savings banks, the United States Postal Service, Postal Telegraph Company or Western Union Telegraph Company, credit union or any person, firm, association, corporation or partnership engaged in the business of selling tangible personal property at retail who, in the course of such business and only as an incident thereto, receives checks, drafts, money orders or other evidences of money, or receives or issues a contractual agreement to receive money or evidence of money on an installment basis in exchange for tangible goods sold or rented on the premises, with or without using such tangible goods as collateral or as a repossessible item upon default.
(1960 Code, § 7-24-3) (Ord. 7035, passed 9-17-2007)