Small dollar loan definition
Small dollar loan means a loan made pursuant to this chapter.
Small dollar loan means a loan made to a consumer whereby the small dollar lender, for a fee, finance charge, or other consideration, does the following:
Small dollar loan means a loan that meets the following criteria: (i) is made in an amount that does not exceed $2,500; (ii) must be repaid in installments; (iii) has no prepayment penalty; (iv) has payments that are reported to at least one of the consumer reporting agencies that compiles and maintain files on consumers on a nationwide basis; and (v) otherwise complies with the requirements of the Small Dollar Loan Program.