(1) Except as otherwise provided in this section, the Uniform Consumer Credit Code applies to sales, leases, and loans made in this state and to modifications, including refinancings, consolidations, and deferrals, made in this state, of sales, leases, and loans, wherever made. For purposes of the Uniform Consumer Credit Code:

(a)a sale or modification of a sale agreement is made in this state if the buyer's agreement or offer to purchase or to modify is received by the seller in this state,

(b)a lease or modification of a lease agreement is made in this state if the lessee's agreement or offer to lease or to modify is received by the lessor in this state, and

(c)a loan or modification of a loan agreement is made in this state if a writing signed by the debtor and evidencing the debt is received by the lender in this state.

(2) With respect to sales made pursuant to a revolving charge account (Section 2-108), the Uniform Consumer Credit Code applies if the buyer's communication or indication of his intention to establish the account is received by the seller in this state. If no communication or indication of intention is given by the buyer before the first sale, the Uniform Consumer Credit Code applies if the seller's communication notifying the buyer of the privilege of using the account is mailed or personally delivered in this state.

(3) With respect to loans made pursuant to a lender credit card or similar arrangement (subsection (9) of Section 1-301), the Uniform Consumer Credit Code applies if the debtor's communication or indication of his intention to establish the arrangement with the lender is received by the lender in this state. If no communication or indication of intention is given by the debtor before the first loan, the Uniform Consumer Credit Code applies if the lender's communication notifying the debtor of the privilege of using the arrangement is mailed or personally delivered in this state.

(4) The part on limitations on creditors' remedies (Part 1) of the article on remedies and penalties (Article 5) applies to actions or other proceedings brought in this state to enforce rights arising from consumer credit sales, consumer leases, consumer loans, or extortionate extensions of credit, wherever made.

(5) If a consumer credit sale, consumer lease, or consumer loan, or modification thereof, is made in another state to a person who is a resident of this state when the sale, lease, loan, or modification is made, the following provisions apply as though the transaction occurred in this state:

(a)a seller, lessor, lender, or assignee of his rights, may not collect charges through actions or other proceedings in excess of those permitted by the article on credit sales (Article 2) or by the article on loans (Article 3), and

(b)a seller, lessor, lender, or assignee of his rights, may not enforce rights against the buyer, lessee, or debtor, with respect to the provisions of agreements which violate the provisions on limitations on agreements and practices (Part 4) of the article on credit sales (Article 2) or of the article on loans (Article 3).

(6) Except as provided in subsection (4), a sale, lease, loan, or modification thereof, made in another state to a person who was not a resident of this state when the sale, lease, loan, or modification was made is valid and enforceable in this state according to its terms to the extent that it is valid and enforceable under the laws of the state applicable to the transaction.

(7) For the purposes of the Uniform Consumer Credit Code, the residence of a buyer, lessee, or debtor, is the address given by the person as his or her residence in any writing signed by such person in connection with a credit transaction. Until such person notifies the creditor of a new or different address, the given address is presumed to be unchanged.

(8) Notwithstanding other provisions of this section:

(a)except as provided in subsection (4), the Uniform Consumer Credit Code does not apply if the buyer, lessee, or debtor is not a resident of this state at the time of a credit transaction and the parties then agree that the law of his or her residence applies, and

(b)the Uniform Consumer Credit Code applies if the buyer, lessee, or debtor is a resident of this state at the time of a credit transaction and the parties then agree that the law of this state applies.

(9) Except as provided in subsection (8), the following agreements by a buyer, lessee, or debtor are invalid with respect to consumer credit sales, consumer leases, consumer loans, or modifications thereof, to which the Uniform Consumer Credit Code applies:

(a)that the law of another state shall apply,

(b)that the buyer, lessee, or debtor consents to the jurisdiction of another state, and

(c)that fixes venue.

(10) The following provisions of the Uniform Consumer Credit Code specify the applicable law governing certain cases:

(a)applicability (Section 6-102) of the part on powers and functions of administrator (Part 1) of the article on administration (Article 6), and

(b)applicability (Section 6-201) of the part on notification and fees (Part 2) of the article on administration (Article 6).

(11) Notwithstanding other provisions of this section, the Uniform Consumer Credit Code applies to sales, leases and loans, including modifications, refinancing, consolidations and deferrals thereof, entered into between a resident of this state while in this state, and a seller, lessor, lender or assignee of a seller, lessor or lender via the Internet or any other electronic means.

Added by Laws 1969, c. 352, § 1-201, eff. July 1, 1969. Amended by Laws 2015, c. 319, § 1, eff. Nov. 1, 2015.