§ 19-415. Posting required.

(a)

Any business that applies for and receives a payday or title loan business license from the unified government business license administrator shall keep such license posted on a wall within their business in a prominent location clearly visible to potential customers. Failure to keep the license posted in the manner required shall be prima facie evidence that the business has not obtained such a license. It shall also be prima facie evidence that any person who performs any business or service as part of the payday or title loan business had knowledge that such business was not licensed.

(b)

In addition, any business that applies for and receives a payday or title loan business license from the unified government business license administrator shall post a notice in both English and Spanish not less than 24-point bold type within three feet of each location within the premises at which a customer, borrower or other member of the general public is invited or directed to stand or sit to either apply for a loan, to answer or ask questions, to review or sign transaction documents, to receive loan proceeds, to make payments or to inquire about, or apply for, the renewal or the rolling over of a loan, which sets out the following information:

(1)

The interest rates and fees charged;

(2)

The annual percentage rate equivalent of the aggregate of those interest rates and fees charged per $100.00 borrowed;

(3)

A computation of the amounts that would be paid on an original loan renewed or rolled-over after the expiration of its original term without any payment of either principal or interest each time, up to the six times:

(4)

A warning that default may result in loss of property used as security for the loan and garnishment of wages and checking and savings accounts;

(5)

Notice that state law prohibits this lender and their related interest from having more than two loans outstanding to you at any one time. A lender cannot divide the amount you want to borrow into multiple loans in order to increase the fees you pay;

(6)

Notice of any state or federal rights to rescind the loan agreement; and

(7)

Notice that questions concerning their rights can be directed to the unified government 311 operators.

(Ord. No. O-80-08, § 1, 11-20-2008)