1.  A person shall not act as an agent for or assist a licensee who operates a high-interest loan service in the making of a high-interest loan unless the licensee complies with all applicable federal and state laws, regulations and guidelines.

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2.  The provisions of this section do not apply to the agent or assistant to a state or federally chartered bank, thrift company, savings and loan association, savings bank or industrial loan company if the state or federally chartered bank, thrift company, savings and loan association, savings bank or industrial loan company:

(a) Initially advances the loan proceeds to the customer; and

(b) Does not sell, assign or transfer a preponderant economic interest in the high-interest loan to the agent or assistant or an affiliate or subsidiary of the state or federally chartered bank, thrift company, savings and loan association, savings bank or industrial loan company, unless selling, assigning or transferring a preponderant economic interest is expressly permitted by the primary regulator of the state or federally chartered bank, thrift company, savings and loan association, savings bank or industrial loan company.

3.  If a licensee who operates a high-interest loan service acts as an agent for or assists a state or federally chartered bank, thrift company, savings and loan association, savings bank or industrial loan company in the making of a high-interest loan and the licensee can show that the standards set forth in subsection 2 are satisfied, the licensee must comply with all other provisions in this chapter to the extent they are not preempted by other state or federal law.