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

Code associated with 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 straight guaranteed on property or even a motor that is direct installment loan included in Chapter 36 for this subtitle) become repaid in equal or substantially equal monthly or other regular installments, including financing acquired by utilizing a check, bank card, or any other unit to get into a credit line, any federally insured bank or savings and loan relationship conducting business in the District of Columbia may contract for and get interest in the price allowed under this chapter or, instead of such interest, a finance fee, which if expressed as a yearly portion price, doesn’t meet or exceed an interest rate of 24% per year regarding the unpaid balances of this principal.