Code associated with the District of Columbia. Finance cost on direct installment loans

Code associated with the District of Columbia. Finance cost on direct installment loans

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  • D.C. Law Library
  • Code of this District of Columbia
  • Commercial Instruments and Deals.
  • Chapter 33. Interest and Usury.
  • Р’ 28“3308. Finance cost on direct installment loans.

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В 28“3308.

(a) On that loan (apart from that loan directly guaranteed on real-estate or perhaps a direct automobile installment loan included in Chapter 36 with this subtitle) to be repaid in equal or substantially equal monthly or any other regular installments, including that loan acquired by making use of a check, charge card, or other device to get into a personal credit line, any federally insured bank or cost savings and loan association conducting business in the District of Columbia may contract for and get interest during the price allowed under this chapter or, instead of such interest, a finance cost approved cash, which if expressed as a yearly portion price, will not go beyond an interest rate of 24% per year regarding the unpaid balances associated with principal. This area will not restrict or restrict the manner of contracting for the finance cost, whether by means of discount, add-on, or easy interest, as long as 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 cost might be determined regarding the presumption that most scheduled re payments is going to be made whenever due, and

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