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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’ 28“3308. Finance fee on direct installment loans.

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В 28“3308.

(a) On that loan (apart from that loan straight guaranteed on property or even a direct car installment loan included in Chapter 36 with this subtitle) become paid back in equal or substantially equal monthly or any other regular installments, including that loan acquired making use of a check, bank card, or other unit to get into a credit line, any federally insured bank or cost cost cost savings and loan relationship conducting business within the District of Columbia may contract for and receive interest during the rate allowed under this chapter or, instead of such interest, a finance cost, which if expressed as a yearly portion rate, doesn’t surpass a price of 24% per year from the unpaid balances associated with principal. This part doesn’t restrict or limit the manner of contracting for the finance cost, whether by means of discount, add-on, or easy interest, provided that the apr for the finance cost will not surpass that permitted by this area.

(b) If such installment loan is precomputed,

(1) the finance fee might be determined regarding the presumption that most planned payments will undoubtedly be made whenever due, and

(2) except as provided in subsection (c), upon prepayment in filled with the unpaid stability of the precomputed installment that is direct, refinancing, or consolidation, a quantity for around the unearned percentage of the finance charge calculated based on this part will be rebated towards the debtor. If the rebate otherwise needed is lower than $1, no rebate need be produced.

(c) Upon prepayment in packed with such installment that is direct except that a refinancing or consolidation, whether or perhaps not precomputed, the lending company may gather or retain the very least fee inside the limits stated in this area in the event that finance fee attained during the time of prepayment is significantly less than any minimal charge contracted for. The minimal cost may perhaps perhaps 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 possessed a principal of greater than $75.

(d) The unearned percentage of the finance cost is a portion associated with finance cost of that your numerator could be the amount of the regular balances planned to adhere to the computational duration in that the prepayment happens, and also the denominator could 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, beneath the relevant refinancing agreement or consolidation contract.

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( ag e) As found in this area, finance cost, and apr shall have the particular definitions underneath the conditions associated with the Truth-in-Lending Act (82 Stat. 146 et seq.; 15 U.S.C. В‚1601 et seq.) therefore the regulations and interpretations thereunder; and federally insured bank or cost cost savings and loan relationship means an insured bank as defined in area 3 associated with Federal Deposit Insurance Act or an institution that is insured defined in area 401 associated with the 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

Part 3 associated with the Federal Deposit Insurance Act and part 401 associated with nationwide Housing Act, both known in subsection ( ag e) of the 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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