Except with respect to a loan primarily secured by an interest in land (Section 3-105), or except with respect to loans granted by institutions of postsecondary education except that such loans by institutions of postsecondary education shall be subject to disclosure requirements pursuant to Section 3-301 and remedies for violation of disclosure provisions pursuant to Articles 5 and 6 if otherwise they meet the definition of consumer loan, a "consumer loan" is a loan made by a person regularly engaged in the business of making loans in which

1. (1) the debtor is a person other than an organization;
2. (2) the debt is incurred primarily for a personal, family or household purpose;
3. (3) either the debt is payable in installments or a loan finance charge is made; and
4. (4) either the principal does not exceed Forty-five Thousand Dollars ($45,000.00) or the debt is secured by an interest in land.

Laws 1969, HB 1001, c. 352, § 3-104, emerg. eff. July 1, 1969; Amended by Laws 1976, SB 480, c. 190, § 1, emerg. eff. June 4, 1976; Amended by Laws 1982, SB 643, c. 335, § 33, emerg. eff. June 1, 1982.