No licensee shall enter into any contract for a loan that provides for a scheduled repayment of principal over more than the maximum terms set forth below opposite the respective size of loans.
Principal amount of loan | Maximum term |
Less than $500 ........................ | 24 months and 15 days |
$500 but less than $1,500 ........................ | 36 months and 15 days |
$1,500 but less than $3,000 ........................ | 48 months and 15 days |
$3,000 but less than $5,000 ........................ | 60 months and 15 days |
This section does not apply to open-end loans, or to a student loan made by an eligible lender under the Higher Education Act of 1965, as amended (20 U.S.C. Sec. 1070 et seq.), or to a student loan made pursuant to the Public Health Service Act, as amended (42 U.S.C. Sec. 294 et seq.).
(Added by Stats. 1994, Ch. 1115, Sec. 2. Effective January 1, 1995. Operative July 1, 1995, by Sec. 5 of Ch. 1115.)
Last modified: October 25, 2018