Unless otherwise agreed a security agreement gives the secured party the rights to proceeds provided by Section 9-306 . Failure to comply with any applicable statute has only the effect which is specified therein. There is, however, much regulatory legislation, particularly in the consumer field, which supplements this Article and should not be repealed by its enactment.
Examples are small loan acts, retail installment selling acts and the like.
Such acts may provide for licensing and rate regulation and may prescribe particular forms of contract. Such provisions should remain in force despite the enactment of this Article. On the other hand if a retail installment selling act contains provisions on filing, rights on default, etc., such provisions should be repealed as inconsistent with this Article except that inconsistent provisions as to deficiencies, penalties, etc., in the Uniform Consumer Credit Code and other recent related legislation should remain because those statutes were drafted after the substantial enactment of the Article and with the intention of modifying certain provisions of this Article as to consumer credit. As amended in 1972 and 1977. See Appendices I and II for material relating to changes made in text in 1977 and 1972.