Unless a person is a supervised financial organization or has first obtained a license from the Administrator authorizing him to make supervised loans, he shall not engage in the business of

1. (1) making supervised loans; or
2. (2) taking assignments and undertaking direct collection of payments from or enforcement of rights against debtors arising from supervised loans.

Laws 1969, HB 1001, c. 352, § 3-502, emerg. eff. July 1, 1969.