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- Code associated with District of Columbia
- Commercial Instruments and Deals.
- Chapter 33. Interest and Usury.
- Р’ 28вЂњ3308. Finance cost on direct installment loans.
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(a) On that loan (other than a loan straight guaranteed on property or a direct automobile installment loan covered by Chapter 36 with this subtitle) become paid back in equal or substantially equal monthly or other regular installments, including financing acquired through the use of a check, bank card, approved cash advance online or any other unit to gain access to a personal credit line, any federally insured bank or cost cost savings and loan association conducting business within the District of Columbia may contract for and get interest during the price allowed under this chapter or, in place of such interest, a finance fee, which if expressed as a yearly portion price, will not meet or exceed an interest rate of 24% per year in the unpaid balances of this principal. This part will not restrict or limit the way of contracting for the finance fee, whether by means of discount, add-on, or simple interest, as long as the apr for the finance cost will not surpass that permitted by this part.
(b) If such installment loan is precomputed,
(1) the finance fee can be determined regarding the presumption that most planned re payments is going to be made when due, and
(2) except as provided in subsection (c), upon prepayment in packed with the unpaid stability of a precomputed installment that is direct, refinancing, or consolidation, a sum no less than the unearned percentage of the finance cost calculated relating to this part will probably be rebated towards the debtor. In the event that rebate otherwise needed is lower than $1, no rebate need be produced.
(c) Upon prepayment in saturated in such direct installment loan except that a refinancing or consolidation, whether or otherwise not precomputed, the lending company may gather or retain the absolute minimum fee in the limits stated in this part in the event that finance cost attained during the time of prepayment is significantly less than any minimal charge contracted for. The charge that is minimum maybe maybe perhaps not go beyond small associated with the following: (1) the amount of the finance charge contracted for, or (2) $5 in a transaction which possessed a principal of $75 or less, or $7.50 in a deal which possessed a principal in excess of $75.
(d) The unearned part of the finance fee is a portion regarding the finance fee of that the numerator could be the amount of the regular balances planned to adhere to the computational duration in that the prepayment does occur, in addition to denominator is the amount of all periodic balances under either the relevant loan agreement or, in the event that stability owing resulted from a refinancing or perhaps a consolidation, underneath the associated refinancing contract or consolidation agreement.
( ag e) As utilized in this part, finance fee, and percentage that is annual shall have the respective definitions underneath the conditions associated with the Truth-in-Lending Act (82 Stat. 146 et seq.; 15 U.S.C. Р’вЂљ1601 et seq.) while the laws and interpretations thereunder; and federally insured bank or cost savings and loan relationship means an insured bank as defined in part 3 of this Federal Deposit Insurance Act or an insured organization as defined in area 401 associated with nationwide Housing Act.
This area is referenced in Р’ 28-3301, Р’ 28-3303, and Р’ 28-3802.
Sources in Text
Part 3 associated with the Federal Deposit Insurance Act and area 401 associated with nationwide Housing Act, both described in subsection ( e) for this area, are codified in 12 U.S.C. Р’вЂљ1813 and 1724, correspondingly. 12 U.S.C. 1724 ended up being repealed by Pub. L. 101-73, name IV, Р’вЂљ407, 9, 1989, 103 Stat august. 363.
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