§ 6-613 — Restrictions; voidable loans

A. Except as the result of an accidental or bona fide error, if the licensee charges, contracts for or receives any amount in excess of the finance charges and other fees permitted by this chapter the following restrictions apply:

1. If the original principal amount of a consumer loan is five thousand dollars or less, that consumer loan is voidable and the licensee has no right to collect or receive any principal, finance charges or other fees in connection with that consumer loan.

2. If the original principal amount of a consumer loan is more than five thousand dollars, the licensee has no right to collect or receive any finance charges in connection with that consumer loan.

3. If the aggregate amount of advances borrowed on a consumer revolving loan or home equity revolving loan is five thousand dollars or less, that consumer revolving loan or home equity revolving loan is voidable and the licensee has no right to collect or receive any principal, finance charges or other fees in connection with that consumer revolving loan or home equity revolving loan.

4. If the aggregate amount of advances borrowed on a consumer revolving loan or home equity revolving loan is more than five thousand dollars, the licensee has no right to collect or receive any finance charges in connection with that consumer revolving loan or home equity revolving loan.

B. Any consumer lender loan that is made by a person who is required to be licensed pursuant to this chapter but who is not licensed is void, and the person making that consumer lender loan has no right to collect, receive or retain any principal, finance charges or other fees in connection with that consumer lender loan.