§ 23-36-104 — Corporate title

(a) Every corporation authorized by the Bank Commissioner to operate pursuant to the provisions of this chapter shall be known as an industrial loan institution and shall use the words "industrial loan institution" as part of its corporate title or in connection with its corporate title. (b) All persons, firms, associations, and corporations, except those which discharge the burden of proving their authority under the laws of another state or the United States, are prohibited from using in this state, as a portion of or in connection with their office or other place of business, or in reference to themselves on their stationery or in their advertising, any of the words or phrases, alone or in combination with any other word or phrase, "industrial loans", "industrial plan of loans", "industrial lending", or the word "plan" in connection with any system of loaning money which would in any way tend to induce the belief that the party using it is authorized to engage in business as an industrial loan institution under the provisions of this chapter.

Legislative History

Acts 1941, No. 111, §§ 3, 10; A.S.A. 1947, §§ 67-1003, 67-1010.