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7.12.010 Definitions.
This section is included in your selections.

For the purpose of this ordinance, unless the context requires otherwise, the following mean:

Borrower – A natural person who receives a payday loan.

Cancel – To annul the payday loan agreement and, with respect to the payday loan agreement, returning the borrower and the payday lender to their financial condition prior to the origination date of the payday loan.

Payday lender – A lender in the business of making payday loans as defined by state law.

Payday loan – A payday loan as defined by state law.

Principal – The original loan proceeds advanced for the benefit of the borrower in a payday loan excluding any fee or interest charge. [BC 7.12.010, added by Ordinance No. 4394, 7/10/06; amended by Ordinance No. 4794, 12/1/20]