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- D.C. Law Library
- Code associated with the 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 a loan (apart from that loan straight guaranteed on property or a direct car installment loan included in Chapter 36 of the 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 gain access to a credit line, any federally insured bank or cost cost savings and loan relationship conducting business within the District of Columbia may contract for and get interest in the price allowed under this chapter or, instead of such interest, a finance fee, which if expressed as a yearly percentage price, will not go beyond an interest rate of 24% per year regarding the unpaid balances of this principal. This part doesn’t restrict or restrict the way of contracting for the finance cost, whether by means of discount, add-on, or interest that is simple provided that the apr for the finance fee will not exceed that permitted by this part.
(b) If such installment loan is precomputed,
(1) the finance fee might be determined regarding the presumption that most planned payments will soon be made whenever due, and
(2) except as supplied in subsection (c), upon prepayment in high in the unpaid stability of a precomputed direct installment loan, refinancing, or consolidation, a sum for around the unearned part of the finance cost calculated based on this part will be rebated towards the debtor. In the event that rebate otherwise needed is not as much as $1, no rebate need be produced.
(c) Upon prepayment in filled with such direct installment loan aside from a refinancing or consolidation, whether or perhaps not precomputed, the financial institution may gather or retain at least fee inside the limits stated in this part in the event that finance fee attained at enough time of prepayment is lower than any minimal charge contracted for. The minimum cost may perhaps maybe not meet or exceed small of this following: (1) the total amount of the finance cost contracted for, or (2) $5 in a deal which had 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 portion associated with finance fee of that the numerator may be the amount of the regular balances planned to check out the period that is computational that the prepayment happens, together with denominator may be the amount of all regular balances under either the relevant loan agreement or, in the event that stability owing resulted from the refinancing or perhaps a consolidation, underneath the associated refinancing contract or consolidation contract.
( ag e) As found in this area, finance cost, and apr shall have the particular definitions under the conditions regarding 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 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 nationwide Housing Act.
This part is referenced in Р’ 28-3301, Р’ 28-3303, and Р’ 28-3802.
Sources in Text
Area 3 regarding the Federal title loans near me Deposit Insurance Act and area 401 for the nationwide Housing Act, both known 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, name IV, Р’вЂљ407, 9, 1989, 103 Stat august. 363.
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