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- Code of this District of Columbia
- Commercial Instruments and Deals.
- Chapter 33. Interest and Usury.
- В 28“3308. Finance fee on direct installment loans.
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В 28“3308.
(a) On that loan (apart from a loan directly secured on property or even a direct car 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 through the use of a check, charge card, or other unit to get into a personal credit line, any federally insured bank or cost cost savings and loan relationship working in 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 meet or exceed an interest rate of 24% per year in the unpaid balances of this principal. This area will not restrict or limit the way of contracting for the finance cost, whether by means of discount, add-on, or easy interest, as long as the apr for the finance cost will not surpass that permitted by this area.
(b) If such installment loan is precomputed,
(1) the finance cost might be determined from the presumption that most planned re re payments is going to be made when due, and
(2) except as supplied in subsection (c), upon prepayment in saturated in the unpaid stability of a precomputed direct installment loan, refinancing, or consolidation, a sum for around the unearned percentage of the finance fee calculated according to this area will be rebated to your debtor. In the event that rebate otherwise needed is lower than $1, no rebate need be manufactured.
(c) Upon prepayment in packed with such direct installment loan apart from a refinancing or consolidation, whether or perhaps not precomputed, the financial institution may gather or retain at least fee in the limits stated in title car loans this part in the event that finance cost attained during the time of prepayment is not as much as any minimal charge contracted for. The minimal fee may maybe maybe not go beyond the smaller of this following: (1) the total amount of the finance cost contracted for, or (2) $5 in a deal which possessed a principal of $75 or less, or $7.50 in a deal which possessed a principal of greater than $75.
(d) The unearned part of the finance cost is a small fraction of this finance cost of that your numerator could be the amount of the regular balances planned to follow along with the period that is computational that the prepayment happens, in addition to denominator could be the amount of all regular balances under either the relevant loan contract or, in the event that stability owing resulted from a refinancing or a consolidation, underneath the associated refinancing contract or consolidation contract.
( ag ag e) As utilized in this part, finance fee, and percentage that is annual shall have the particular definitions beneath the conditions associated with the Truth-in-Lending Act (82 Stat. 146 et seq.; 15 U.S.C. В‚1601 et seq.) while the laws and interpretations thereunder; and federally insured bank or cost cost savings and loan relationship means an insured bank as defined in part 3 regarding the Federal Deposit Insurance Act or an institution that is insured defined in area 401 associated with the nationwide Housing Act.
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Part Sources
This part is referenced in Р’ 28-3301, Р’ 28-3303, and Р’ 28-3802.
Sources in Text
Area 3 regarding the Federal Deposit Insurance Act and section 401 associated with nationwide Housing Act, both known in subsection ( ag ag e) with this area, are codified in 12 U.S.C. В‚1813 and 1724, correspondingly. 12 U.S.C. 1724 had been repealed by Pub. L. 101-73, name IV, В‚407, 9, 1989, 103 Stat august. 363.
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