TITLE 28

COMMERCIAL TRANSACTIONS

CHAPTER 43

REGULATION OF AGREEMENTS AND PRACTICES

PART 3.

LIMITATIONS ON AGREEMENTS AND PRACTICES IN REGULATED CONSUMER CREDIT TRANSACTIONS

28-43-309.  Restrictions on interest in land as security. With respect to a regulated consumer loan in which the principal is one thousand dollars ($1,000) or less, a regulated lender may not contract for an interest in land as security. A security interest taken in violation of this section is void.

History:

[28-43-309, added 1983, ch. 119, sec. 3, p. 285.]