Financial institutions

CHAPTER 19-14.2
Small Loan Lenders

SECTION 19-14.2-8

§ 19-14.2-8 Maximum loan and interest rate.

Every small loan lender may lend up to five thousand dollars ($5,000) in the aggregate to one borrower and may charge, contract for, and receive on the loan interest on the unpaid principal balance on a loan at a rate not exceeding the following:

(1) Loans up to and including three hundred dollars ($300), three percent (3%) per month;

(2) Loans exceeding three hundred dollars ($300) but not exceeding eight hundred dollars ($800), two and one-half percent (2.5%) per month; and

(3) Loans exceeding eight hundred dollars ($800), but not exceeding five thousand dollars ($5,000), two percent (2%) per month.

History of Section.
(P.L. 1995, ch. 82, § 54.)