(1) Except as provided in subsection (2), a restricted lender and a licensee authorized to make supervised loans pursuant to the provisions on authority to make supervised loans (Section 37-3-502) may not engage in the business of selling goods, or permit others to engage in the business of selling goods, at a location where supervised loans are made. In this section, "location" means the entire space in which supervised loans are made and must be separated from any space where goods are sold or leased by walls which may be broken only by a passageway to which the public is not admitted.
(2) This section does not apply to
(a) occasional sales of property used in the ordinary course of business of the licensee;
(b) sales of items of collateral of which the licensee has taken possession;
(c) sales of items by a licensee who is also authorized by law to operate as a pawnbroker; or
(d) Supervised Financial Organizations.
(3) A licensee may not carry on other business for the purpose of evasion or violation of this title at a location where he makes supervised loans.