(a) No person,copartnership, association, trust, corporation or other legal entity makingloans under this Article may charge, take or receive, directly or indirectly,simple interest in excess of one and one‑half percent (1 1/2%) per monthor an annual rate equivalent to the Federal Discount Rate plus five percent(5%), whichever is the greater, computed on the actual or average daily unpaidbalance of the principal amount of the loan for the time actually outstanding.However, interest may not be compounded.
(b) In addition to theinterest permitted in subsection (a), the lender may include in the loan hisactual expenses which are paid to third parties in connection with the loan.Such expenses shall be limited to those for: title examination, titleinsurance, appraisals, surveys, and recording fees or releasing fees totrustees or public officials, and only such insurance charges as permitted insubsection (c).
(c) Evidence of hazardinsurance may be required by the lender of the borrower. Credit life, creditaccident and health, and credit unemployment insurance, or any of them, may beoffered but not required; provided (i) that the borrower has indicated adesire to purchase such insurance by signing a statement to that effect, (ii)that the borrower is advised that he may acquire this insurance from anyinsurance carrier, (iii) that the borrower is aware that this insurance may berescinded within 30 days after receipt of the policy or certificate, and (iv)that the borrower directs the lender to purchase the above insurance from theproceeds of his loan.
The rates for the hereindescribed insurance shall not exceed the standard rates approved by theCommissioner of Insurance for such insurance. Proof of all insurance issued inconnection with loans subject to this Article shall be furnished to theborrower within 10 days from the date of application therefor by said borrower.
(d) No application feeor other charge shall be allowed in the event the loan is not consummated.
(e) The borrower shallfurther have the right to anticipate payment of his debt in whole or in part atany time, without payment of interest penalty, or any other fee or charge forsuch prepayment.
(f) In addition to theinterest permitted by subsection (a), the lender may include in the principalbalance fees or discounts not exceeding two percent (2%) of the principalamount of the loan less the amount of any existing loan by that lender to berefinanced, modified or extended. The fees and discounts are fully earned whenthe loan is made and are not a prepayment penalty. (1971, c. 1229, s. 2; 1973,c. 1150; 1977, c. 698, ss. 1, 2; 1979, 2nd Sess., c. 1157, ss. 5, 6; 1985, c.154, s. 4; 1993, c. 226, s. 13.)
(a) No person,copartnership, association, trust, corporation or other legal entity makingloans under this Article may charge, take or receive, directly or indirectly,simple interest in excess of one and one‑half percent (1 1/2%) per monthor an annual rate equivalent to the Federal Discount Rate plus five percent(5%), whichever is the greater, computed on the actual or average daily unpaidbalance of the principal amount of the loan for the time actually outstanding.However, interest may not be compounded.
(b) In addition to theinterest permitted in subsection (a), the lender may include in the loan hisactual expenses which are paid to third parties in connection with the loan.Such expenses shall be limited to those for: title examination, titleinsurance, appraisals, surveys, and recording fees or releasing fees totrustees or public officials, and only such insurance charges as permitted insubsection (c).
(c) Evidence of hazardinsurance may be required by the lender of the borrower. Credit life, creditaccident and health, and credit unemployment insurance, or any of them, may beoffered but not required; provided (i) that the borrower has indicated adesire to purchase such insurance by signing a statement to that effect, (ii)that the borrower is advised that he may acquire this insurance from anyinsurance carrier, (iii) that the borrower is aware that this insurance may berescinded within 30 days after receipt of the policy or certificate, and (iv)that the borrower directs the lender to purchase the above insurance from theproceeds of his loan.
The rates for the hereindescribed insurance shall not exceed the standard rates approved by theCommissioner of Insurance for such insurance. Proof of all insurance issued inconnection with loans subject to this Article shall be furnished to theborrower within 10 days from the date of application therefor by said borrower.
(d) No application feeor other charge shall be allowed in the event the loan is not consummated.
(e) The borrower shallfurther have the right to anticipate payment of his debt in whole or in part atany time, without payment of interest penalty, or any other fee or charge forsuch prepayment.
(f) In addition to theinterest permitted by subsection (a), the lender may include in the principalbalance fees or discounts not exceeding two percent (2%) of the principalamount of the loan less the amount of any existing loan by that lender to berefinanced, modified or extended. The fees and discounts are fully earned whenthe loan is made and are not a prepayment penalty. (1971, c. 1229, s. 2; 1973,c. 1150; 1977, c. 698, ss. 1, 2; 1979, 2nd Sess., c. 1157, ss. 5, 6; 1985, c.154, s. 4; 1993, c. 226, s. 13.)
(a) No person,copartnership, association, trust, corporation or other legal entity makingloans under this Article may charge, take or receive, directly or indirectly,simple interest in excess of one and one‑half percent (1 1/2%) per monthor an annual rate equivalent to the Federal Discount Rate plus five percent(5%), whichever is the greater, computed on the actual or average daily unpaidbalance of the principal amount of the loan for the time actually outstanding.However, interest may not be compounded.
(b) In addition to theinterest permitted in subsection (a), the lender may include in the loan hisactual expenses which are paid to third parties in connection with the loan.Such expenses shall be limited to those for: title examination, titleinsurance, appraisals, surveys, and recording fees or releasing fees totrustees or public officials, and only such insurance charges as permitted insubsection (c).
(c) Evidence of hazardinsurance may be required by the lender of the borrower. Credit life, creditaccident and health, and credit unemployment insurance, or any of them, may beoffered but not required; provided (i) that the borrower has indicated adesire to purchase such insurance by signing a statement to that effect, (ii)that the borrower is advised that he may acquire this insurance from anyinsurance carrier, (iii) that the borrower is aware that this insurance may berescinded within 30 days after receipt of the policy or certificate, and (iv)that the borrower directs the lender to purchase the above insurance from theproceeds of his loan.
The rates for the hereindescribed insurance shall not exceed the standard rates approved by theCommissioner of Insurance for such insurance. Proof of all insurance issued inconnection with loans subject to this Article shall be furnished to theborrower within 10 days from the date of application therefor by said borrower.
(d) No application feeor other charge shall be allowed in the event the loan is not consummated.
(e) The borrower shallfurther have the right to anticipate payment of his debt in whole or in part atany time, without payment of interest penalty, or any other fee or charge forsuch prepayment.
(f) In addition to theinterest permitted by subsection (a), the lender may include in the principalbalance fees or discounts not exceeding two percent (2%) of the principalamount of the loan less the amount of any existing loan by that lender to berefinanced, modified or extended. The fees and discounts are fully earned whenthe loan is made and are not a prepayment penalty. (1971, c. 1229, s. 2; 1973,c. 1150; 1977, c. 698, ss. 1, 2; 1979, 2nd Sess., c. 1157, ss. 5, 6; 1985, c.154, s. 4; 1993, c. 226, s. 13.)
