Except as may otherwise be provided or clearly implied by context, all terms will be given their commonly accepted definitions. For the purpose of this chapter, the following definitions will apply:
CONSUMER SHORT-TERM LENDER: | An individual or entity engaged in the business of making or arranging consumer short-term loans, other than a state or federally chartered bank, savings bank, or credit union. |
CONSUMER SHORT-TERM LOAN: | A loan to a borrower which has a principal amount, or an advance on a credit limit, of $1,000 or less and requires a minimum payment within 60 days of loan origination or credit advance of more than 25 percent of the principal balance or credit advance. For the purposes of this section, each new advance of money to a borrower under a consumer short-term loan agreement constitutes a new consumer short-term loan. |
INTERESTED OWNER: | An individual with an ownership interest in a Licensed Consumer Short-Term Lender business. This includes but is not limited to direct owners, indirect owners, subsidiaries, and affiliates of the applicant and/or licensee. (Ord. 2020-10, 10-12-2020) |