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- Chapter 33. Interest and Usury.
- Р’ 28вЂњ3308. Finance cost on direct installment loans.
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(a) On that loan (aside from that loan straight guaranteed on real-estate or a direct motor vehicle installment loan included in Chapter 36 with this subtitle) become paid back in equal or substantially equal monthly or any other regular installments, including that loan acquired by utilizing a check, bank card, or other unit to get into a personal credit line, any federally insured bank or cost cost savings and loan association conducting business into the District of Columbia may contract for and get interest during the rate permitted under this chapter or, instead of such interest, a finance cost, which if expressed as a yearly portion price, will not surpass an interest rate of 24% per year from the unpaid balances associated with the principal. This area doesn’t restrict or limit the way of contracting for the finance cost, whether by means of discount, add-on, or interest that is simple as long as the apr of this finance cost will not surpass that permitted by this part.
(b) If such installment loan is precomputed,
(1) the finance fee may be determined from the presumption that every planned re re payments should be made whenever due, and
(2) except as provided in subsection (c), upon prepayment in filled with the unpaid stability of a precomputed installment that is direct, refinancing, or consolidation, a quantity no less than the unearned part of the finance cost calculated relating to this part will be rebated into the debtor. In the event that rebate otherwise needed is lower than $1, no rebate need be manufactured.
(c) Upon prepayment in packed with such installment that is direct aside from a refinancing or consolidation, whether or perhaps not precomputed, the lending company may gather or retain at least fee in the limits stated in this part in the event that finance cost obtained during the time of prepayment is not as much as any minimal charge contracted for. The minimal cost may maybe perhaps not surpass small regarding the following: (1) the quantity of the finance fee contracted for, or (2) $5 in a deal which possessed a principal of $75 or less, or $7.50 in a deal which had a principal in excess of $75.
(d) The unearned percentage of the finance cost is a small fraction for the finance fee of that your numerator may be the amount of the regular balances scheduled to follow along with the computational duration in that your prepayment happens, while the denominator may be the sum of all regular balances under either the relevant loan agreement or, in the event that stability owing resulted from a refinancing or a consolidation, beneath the associated refinancing contract or consolidation contract.
( ag ag e) As found in this area, finance cost, and percentage that is annual shall have the respective definitions underneath the conditions for the Truth-in-Lending Act (82 Stat. 146 et seq.; 15 U.S.C. Р’вЂљ1601 et seq.) additionally the laws and interpretations thereunder; and federally insured bank or cost cost savings and loan relationship means an insured bank as defined in area 3 for the Federal Deposit Insurance Act or an institution that is insured defined in area 401 for the nationwide Housing Act.
This area is referenced in Р’ 28-3301, Р’ 28-3303, and Р’ 28-3802.
Sources in Text
Part 3 regarding the Federal Deposit Insurance Act and area 401 associated with nationwide Housing Act, both described in subsection ( ag ag e) of the area, are codified in 12 U.S.C. Р’вЂљ1813 and 1724, correspondingly. 12 U.S.C. 1724 had been repealed by Pub. L. 101-73, title IV, Р’вЂљ407, August 9, 1989, 103 Stat. 363.
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