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- D.C. Law Library
- Code of this 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 (except that a loan straight guaranteed on real-estate or a direct automobile installment loan included in Chapter 36 with this subtitle) become paid back in equal or substantially equal monthly or other regular installments, including that loan acquired simply by using a check, bank card, or other unit to get into a personal credit line, any federally insured bank or cost cost cost savings and loan association conducting business in the District of Columbia may contract for and get interest in 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 a price of 24% per year regarding the unpaid balances regarding the principal. This area will not restrict or limit the way of contracting for the finance fee, whether by means of discount, add-on, or easy interest, provided that the apr associated with finance cost will not surpass that permitted by this area.
(b) If such installment loan is precomputed,
(1) the finance cost might be determined regarding the presumption that most planned re payments would be made whenever due, and
(2) except as supplied in subsection (c), upon prepayment in filled with the unpaid stability of the precomputed direct installment loan, refinancing, or consolidation, a quantity not less than the unearned part of the finance cost calculated based on this part will be rebated into the debtor. In the event that rebate otherwise needed is not as much as $1, no rebate need be manufactured.
(c) Upon prepayment in filled with such installment that is direct apart from a refinancing or consolidation, whether or perhaps not precomputed, the financial institution may collect or retain the very least charge inside the limits stated in this area in the event that finance cost received during the time of prepayment is not as much as any minimal charge contracted for. The charge that is minimum perhaps maybe perhaps not go beyond 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 possessed a principal in excess of $75.
(d) The unearned percentage of the finance cost is a small fraction regarding the finance fee of that your numerator may be the amount of the regular balances planned to follow along with the computational duration in that the prepayment does occur, together with denominator could be the sum of all regular balances under either the associated loan contract or, in the event that stability owing resulted from a refinancing or a consolidation, underneath the related refinancing contract or consolidation contract.
( ag ag e) As found in this area, finance cost, and percentage that is annual shall have the particular definitions underneath the conditions associated with the Truth-in-Lending Act (82 Stat. 146 et seq.; 15 U.S.C. Р’вЂљ1601 et seq.) together with 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 part 401 associated with nationwide Housing Act.
This cash central part is referenced in Р’ 28-3301, Р’ 28-3303, and Р’ 28-3802.
Recommendations in Text
Part 3 associated with the Federal Deposit Insurance Act and part 401 associated with the nationwide Housing Act, both described in subsection ( ag ag e) for this part, 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, August 9, 1989, 103 Stat. 363.
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