Splitting. No licensee shall induce or permit any borrower to split up or divide any loan or permit any person to become obligated under more than one contract of loan for the same purpose or at the same time for the purpose or with the result of obtaining a higher rate of charge than would otherwise be permitted by this section. However, if a person becomes obligated on a contract of loan as an accommodation party, a preceding or subsequent loan to that person is not a violation of this subdivision nor shall such loans be aggregated in determining the applicable rate of charge.
Appears in 1 contract
Sources: Regulated Loans
Splitting. No licensee shall induce or permit any borrower to split up or divide any loan or permit any person to become obligated under more than one contract of loan for the same purpose or at the same time for the purpose or with the result of obtaining a higher rate of charge than would otherwise be permitted by this section. However, if a person becomes be 1577 REGULATED I.OANS 56.14 comes obligated on a contract of loan as an accommodation party, a preceding or subsequent loan to lo that person is not a violation of this subdivision nor shall such loans be aggregated in determining the applicable rate of charge.
Appears in 1 contract
Sources: Regulated Loans