D.C. Mun. Regs. tit. 16, r. 16-910

Current through Register Vol. 71, No. 49, December 6, 2024

Rule 16-910 - RATES OF INTEREST

910.1

Except as provided in § 910.2, as of January 1, 2011, the maximum rate of interest which a pawnbroker may contract for, and receive, including fees, shall not exceed 5% per month, or fraction of the month, for the first 6 months of a loan, and 3% per month, or fraction of the month, thereafter.

910.2

The pawnbroker may exercise an option to receive a charge of two dollars ($ 2.00) per month instead of interest.

910.3

The interest rates established in §§ 910.1 and 910.2 shall be computed on the maximum amount of the loan.

910.4

No person shall break a loan down into two (2) or more parts for the purpose of applying the maximum interest rate for loans smaller than the total amount borrowed.

D.C. Mun. Regs. tit. 16, r. 16-910

Article 41 of the Police Regulations, § 8 (May 1981), as enacted by § 2 of Commissioners' Order 57-1638, 4 DCR 53 (September 9, 1957), as amended by § 3(a) of the Pawnbroker Industry Improvement Act of 1984, D.C. Law 5-137, 31 DCR 5743 (November 16, 1984), as amended by the Alternative Money Lending and Services Reform Amendment Act of 2010, effective March 12, 2011 (D.C. Law 18-315; 57 DCR 12412 (December 31, 2010))

Authority: District of Columbia Home Rule Act, approved December 24, 1973, 87 Stat. 787, Pub. L. 93-198, D.C. Official Code § 1-204.04.