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- D.C. Law Library
- 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 (aside from that loan straight guaranteed on property or a motor that is direct 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 obtained through the use of a check, bank card, or any other unit to get into 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 receive interest in the price allowed under this chapter or, instead of such interest, a finance cost, which if expressed as a yearly portion price, will not surpass a price of 24% per annum from the unpaid balances associated with the principal. This area will not restrict or restrict the manner of contracting for the finance fee, whether by means of discount, add-on, or easy interest, provided that the apr associated with the finance fee will not surpass that permitted by this part.
(b) If such installment loan is precomputed,
(1) the finance fee are determined in the presumption that all 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 installment that is direct, refinancing, or consolidation, a sum no less than the unearned percentage of the finance cost calculated based on this part will probably be rebated towards the debtor. In the event that rebate otherwise needed is significantly less than $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 lending company may gather or retain at least charge in the limits stated in this area in the event that finance cost obtained at enough time of prepayment is lower than any minimal charge contracted for. The minimal cost may maybe not go beyond small for the 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 transaction which had a principal in excess of $75.
(d) The unearned part of the finance fee is a portion of this finance fee of that the numerator may be the amount of the regular balances planned to adhere to the period that is computational that your prepayment does occur, while the denominator may 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, beneath the associated refinancing contract or consolidation agreement.
( ag ag e) As found in this area, finance fee, and apr shall have the particular definitions underneath the conditions regarding the Truth-in-Lending Act (82 Stat. 146 et seq.; 15 U.S.C. В‚1601 et seq.) therefore the laws and interpretations thereunder; titlemax.us/ 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 insured organization as defined in area 401 of this nationwide Housing Act.
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Part Recommendations
This area is referenced in Р’ 28-3301, Р’ 28-3303, and Р’ 28-3802.
Sources in Text
Section 3 associated with Federal Deposit Insurance Act and part 401 for the nationwide Housing Act, both described in subsection ( ag e) of the area, are codified in 12 U.S.C. В‚1813 and 1724, respectively. 12 U.S.C. 1724 ended up being repealed by Pub. L. 101-73, name IV, В‚407, August 9, 1989, 103 Stat. 363.
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