The maximum principal amount of any payday loan, or the total outstanding principal balances of all payday loans made by a licensee to a single borrower, may not exceed five hundred dollars at any time. A violation of this section is a Class 1 misdemeanor.

Source: SL 2002, ch 223 , § 2; SL 2004, ch 291 , § 3; SL 2007, ch 278 , § 1.