§412:9-302  Interest rates.  (a) 
A financial services loan company shall have the right to charge, contract for,
and receive interest, fees and other charges on loans, as permitted by chapter
478, or as otherwise permitted by law.



(b)  In addition to and without limiting the
authority granted by subsection (a), for any loan on which interest is
calculated under the authority of section 412:9-301, a financial services loan
company may charge, contract for, and receive interest at any rate which does
not exceed the maximum rate allowed by this section:



(1)  For precomputed loans, interest that is paid or
deducted in advance shall not exceed fourteen per cent a year for the first
eighteen months or portion thereof, plus ten and one-half per cent a year for the
next twelve months or portion thereof, plus seven per cent a year for the next
twelve months or portion thereof, plus four per cent a year for the last six
months or portion thereof, of the term of the loan.  The maximum term of a
precomputed loan where the preceding rates are charged will be forty-eight
months.  If the term of a precomputed loan exceeds forty-eight months, the
financial services loan company may charge, contract for, and receive a
"finance charge" in any form or forms at an "annual percentage
rate" not to exceed twenty-four per cent a year, together with any other
charges that are excluded or excludable from the determination of finance
charge under the Truth in Lending Act.  The terms "finance charge"
and "annual percentage rate" shall have the same meaning as under the
Truth in Lending Act.



(2)  For simple interest loans, a financial services
loan company may charge, contract for, and receive a "finance charge"
in any form or forms at an "annual percentage rate" not to exceed
twenty-four per cent a year, together with any other charges that are excluded
or excludable from the determination of finance charge under the Truth in
Lending Act.  The terms "finance charge" and "annual percentage
rate" as used in this subsection shall have the same meaning as under the
Truth in Lending Act.



The rate in this subsection shall be applicable
to any simple interest loan, whether or not the Truth in Lending Act applies to
the transaction, notwithstanding the fixed or variable manner in which interest
or a finance charge may be computed under the loan, and whether or not the
contract uses the terms "interest" or "annual percentage
rate" or "finance charge" or any combination of such terms.



For rate computation purposes the financial
services loan company conclusively shall be presumed to have given all
disclosures in accordance with the terms of the loan that are contemplated by
the Truth in Lending Act, including those necessary to exclude any charges from
the finance charge.



(c)  On maturity of a loan, the rate of
interest on the unpaid principal balance of the loan shall be twenty-four per
cent a year, unless a lesser rate is specified in the note or other form of
contract signed by the borrower as an after-maturity interest rate.



(d)  Any open-end loan account that is also a
"credit card agreement" as defined in section 478-1 shall be subject
to the rate limitations in section 478-4 rather than the rate limitations in
this article. [L 1993, c 350, pt of §1]