Section 40-14-302 - Scope; license required(a) This article applies to consumer loans.(b) Unless a person is a supervised financial organization or has first obtained a license from the administrator, no person shall engage in the business of making consumer loans or taking assignments of non-servicing rights relating to consumer loans that are not in default.Amended by Laws 2021 , ch. 14, § 2, eff. 7/1/2021.