Limitation on Multiple Loans

Limitation on Multiple Loans. There is no statutory prohibition on more than one credit availability transaction being made to the same account holder account by a single Licensee, except as described herein. There is likewise no statutory restriction on the parties’ ability to renew, or otherwise modify, an existing contract, except as provided herein. Based on §§75-67-619(2)(a) and (b), any given credit availability account assigned to an account holder means that all outstanding “transactions” to that credit availability account must be combined together for the purposes of determining under which section of the statute a loan shall be made. When any credit availability account has an outstanding principal balance that is or will be greater than $500.00, any new credit availability transactions made shall be calculated on the entire principal balance owed and such loan shall be made under Section 2(b), with a term of six to twelve (6-12) months.