§14A-3-511. Regular schedule of payments - Maximum loan term.
148 words·~1 min read·
/ok/title-14a-consumer-credit-code/14a-3-511A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Supervised loans, not made pursuant to a revolving loan account, in which the principal is One Thousand Dollars ($1,000.00) or less and the rate of the loan finance charge calculated according to the actuarial method exceeds eighteen percent (18%) on the unpaid balances of the principal, shall be scheduled to be payable in substantially equal installments at equal periodic intervals except to the extent that the schedule of payments is adjusted to the seasonal or irregular income of the debtor; and
(a)over a period of not more than forty-nine
(49)months
if the principal is more than Three Hundred Dollars
($300.00); or
(b)over a period of not more than thirty-seven
months if the principal is Three Hundred Dollars
($300.00) or less. Added by Laws 1969, c. 352, § 3-511, eff. July 1, 1969. Amended by Laws 1989, c. 55, § 1, eff. Nov. 1, 1989.