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Code for the District of Columbia. Finance charge on direct installment loans

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  • D.C. Law Library
  • Code regarding the 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 straight guaranteed on real-estate or a direct automobile installment loan included in Chapter 36 of the subtitle) become paid back in equal or substantially equal monthly or any other regular installments, including financing acquired through the use of a check, charge card, or any other unit to gain access to a personal credit line, any federally insured bank or cost savings and loan relationship conducting business within the District of Columbia may contract for and receive interest in the price permitted under this chapter or, in place of such interest, a finance fee, which if expressed as a yearly portion price, will not surpass an interest rate of 24% per year regarding the unpaid balances associated with principal. This part will not restrict or limit the way of contracting for the finance fee, whether by means of discount, add-on, or interest that is simple as long as the annual percentage rate for the finance cost will not surpass that permitted by this part.

(b) If such installment loan is precomputed,

(1) the finance cost can be calculated from the presumption that all planned re re re payments should be made whenever due, and

(2) except as supplied in subsection (c), upon prepayment in filled with the unpaid stability of a precomputed direct installment loan, refinancing, or consolidation, a quantity for around the unearned part of the finance fee calculated based on this part will probably be rebated into the debtor. If the rebate otherwise required is not as much as $1, no rebate need be manufactured.

(c) Upon prepayment in high in such direct installment loan apart from a refinancing or consolidation, whether or otherwise not precomputed, the lending company may gather or retain the absolute minimum fee in the limits stated in this area in the event that finance fee obtained during the time of prepayment is not as much as any minimum charge contracted for. The charge that is minimum maybe maybe not surpass small regarding the following: (1) the 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 deal which had a principal in excess of $75.

(d) The unearned part of the finance cost is a portion regarding the finance cost of that the numerator could be the amount of the regular balances planned to follow along with the period that is computational that the prepayment happens, plus the denominator may be the amount of all regular balances under either the relevant loan agreement or, in the event that balance owing resulted from the refinancing or perhaps a consolidation, underneath the associated 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 for the Truth-in-Lending Act (82 Stat. 146 et phone number for nationaltitleloan.net seq.; 15 U.S.C. В‚1601 et seq.) additionally the laws and interpretations thereunder; and federally insured bank or 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 part 401 associated with the nationwide Housing Act.

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Part Sources

This area is referenced in Р’ 28-3301, Р’ 28-3303, and Р’ 28-3802.

Sources in Text

Part 3 associated with the Federal Deposit Insurance Act and area 401 associated with the nationwide Housing Act, both known in subsection ( ag ag e) for this part, are codified in 12 U.S.C. В‚1813 and 1724, correspondingly. 12 U.S.C. 1724 had been repealed by Pub. L. 101-73, name IV, В‚407, August 9, 1989, 103 Stat. 363.

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