Code associated with District of Columbia. Finance fee on direct installment loans

Code associated with District of Columbia. Finance fee on direct installment loans

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  • D.C. Law Library
  • Code associated with District of Columbia
  • Commercial Instruments and Transactions.
  • Chapter 33. Interest and Usury.
  • Р’ 28“3308. Finance fee on direct installment loans.

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В 28“3308.

(a) On a loan (aside from that loan directly guaranteed on property or a motor that is direct installment loan included in Chapter 36 with this subtitle) to be paid back in equal or substantially equal monthly or other regular installments, including that loan acquired by making use of a check, charge card, or any other unit to gain access to a credit line, any federally insured bank or savings and loan relationship conducting business when you look at the District of Columbia may contract for and get interest during the price permitted under this chapter or, in place of such interest, a finance cost, which if expressed as a yearly portion price, will not go beyond an interest rate of 24% per year from the unpaid balances regarding the principal. This part will not restrict or limit the way of contracting for the finance cost, whether by way of discount, add-on, or simple interest, provided that the apr associated with the finance cost will not surpass that permitted by this area.

(b) If such installment loan is precomputed,

(1) the finance fee might be determined in the presumption that most planned re payments is going to be made whenever due, and

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