Section 16-910. RATES OF INTEREST

 

910.1Except 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.

 

910.2The pawnbroker may exercise an option to receive a charge of two dollars ($ 2.00) per month instead of interest.

 

910.3The interest rates established in §§ 910.1 and 910.2 shall be computed on the maximum amount of the loan.

 

910.4No 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.

 

 

authority

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)).

source

§ 2 of the Commissioners’ Order 57-1638 (August 22, 1957), published at 4 DCR 53 (September 9, 1957); as amended by Article 41 of the Police Regulations, § 8 (May 1981); as amended by § 3(a) of the Pawnbroker Industry Improvement Act of 1984, effective March 13, 1985 (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)).