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- Code regarding the District of Columbia
- Commercial Instruments and Deals.
- Chapter 33. Interest and Usury.
- Р’ 28вЂњ3308. Finance fee on direct installment loans.
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(a) On that loan (apart from a loan straight secured on property or a motor that is direct installment loan included in Chapter 36 for this subtitle) become paid back 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 unit to gain access to a personal credit line, any federally insured bank or savings and loan relationship conducting business within the District of Columbia may contract for and get interest during the price allowed under this chapter or, instead of such interest, a finance fee, which if expressed as a yearly portion price, will not exceed an interest rate of 24% per year in the unpaid balances of this principal. This part doesn’t 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 of this finance fee will not surpass that permitted by this part.
(b) If such installment loan is precomputed,
(1) the finance cost can be determined regarding the presumption that every planned re re payments are going to be made whenever due, and
(2) except as supplied in subsection (c), upon prepayment in filled with the unpaid balance of a precomputed installment that is direct, refinancing, or consolidation, a quantity for around the unearned part of the finance fee calculated based on this part will probably be rebated to your debtor. In the event that rebate otherwise required is lower than $1, no rebate need be manufactured.
(c) Upon prepayment in filled with such direct installment loan apart from a refinancing or consolidation, whether or perhaps not precomputed, the financial institution may gather or retain the absolute minimum fee in the limits stated in this part in the event that finance fee attained during the time of prepayment is significantly less than any minimum charge contracted for. The charge that is minimum maybe maybe perhaps not surpass small regarding the following: (1) the total amount of the finance fee contracted for, or (2) $5 in a deal which had 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 fee is a small fraction associated with the finance cost 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, as well as the denominator could be the amount of all regular balances under either the relevant loan contract or, in the event that stability owing resulted from the refinancing or even a consolidation, underneath the associated refinancing contract or consolidation contract.
( ag ag e) As used in this area, finance cost, and percentage that is annual shall have the particular definitions beneath the conditions for the Truth-in-Lending Act (82 Stat. 146 et seq.; 15 U.S.C. Р’вЂљ1601 et seq.) and also the laws and interpretations thereunder; and federally insured bank or cost 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 for the nationwide Housing Act.
This area 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 for the nationwide Housing Act, both described 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 was repealed by Pub. L. 101-73, name IV, Р’вЂљ407, August 9, 1989, 103 Stat. 363.
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