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.

Source: 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)).