) Except as provided in Subsection (2), consumer loan is a loan: (a) made by a person engaged in the business of making loans;
(b) in which the debtor is a person other than an organization;
and

(c) in which the debt is incurred primarily for a personal,
family, household or agricultural purpose.

(2) Consumer loan does not include a loan which is secured primarily by:
(a) a business collateral, if at the time the loan is made the value of this collateral is substantial in relation to the amount of the loan; or
(b) an interest in land, if at the time the loan is made the value of this collateral is substantial in relation to the amount of the loan, and the loan finance charge, however calculated, does not exceed ten percent (10%) per year calculated on the unpaid balances of the principal according to the United States rules. For the purpose of calculating the rate of the loan finance charge, (i) non-periodic charges made at the inception of the loan which are included in the loan finance charge shall be amortized over the agreed term of the loan, notwithstanding that the loan is paid prior to the agreed maturity, and (ii) charges for the privilege of prepaying the loan shall not be included in the loan finance charge.