Page:United States Statutes at Large Volume 85.djvu/695

 85 STAT. ]

PUBLIC LAW 92-200-DEC. 17, 1971

665

(f) Central Valley project, Delta Division, Montezuma Hills unit in southern Solano County, California. (g) Gallup project in McKinley, Valencia, and San J u a n Counties in New Mexico. (h) Modification of the Seminoe Dam, Kendrick project, Wyoming. (i) Butte Valley division, Klamath project in the Klamath River Basin, Klamath County, Oregon, and Siskiyou County, California. (j) Billings Municipal Water Supply Unit, Yellowstone Division, Pick-Sloan Missouri River Basin program, Montana. Approved December 15, 1971.

Public Law 92-200 AN ACT December 17, 1971

To amend certain provisions of subtitle II of title 28, District of Columbia Code, relating to interest and usury.

[s. 1938]

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That the text of District of section 28-3301 of subtitle II of title 28, District of Columbia Code, is ^°ieT c^^eJrproamended to read as follows: tection Act of "Except as otherwise provided in section 28-3308, and chapter 36 of 1971. Stat, 675. 78 this subtitle, the parties to an instrument in writing for the payment of /n/ra." money at a future time may contract therein for the payment of ^° P- ^^^• interest on the principal amount thereof at a rate not exceeding 8 percent per annum." SEC. 2. The text of clause (2) in the first sentence of section 28-3303 of subtitle II of title 28, District of Columbia Code, is amended to read ^^ ^*^*' ^'^^•^ as follows: "(2) in writing, to pay-a greater rate than is permitted under section 28-3301 or 28-3308 or under chapter 36 of this subtitle, the creditor shall forfeit the whole of the interest so contracted to be received." SEC. 3, Chapter 33 of subtitle II of title 28, District of Columbia Code, is amended by adding the following section: D^C^*^" d ^ 2*J "§ 28-3308. Finance charge on direct installment loans ^^°^" (a) On a loan in which the principal does not exceed $25,000 (other than a loan directly secured on real estate or a direct motor vehicle installment loan covered by chapter 36 of this subtitle) to be repaid in equal or substantially equal monthly, or other periodic, installments, any federally insured bank or savings and loan association doing business in the District of Columbia may contract for and receive interest at the rate permitted under this chapter or, in lieu of such interest, a finance charge, which, if expressed as an annual percentage rate, does not exceed a rate of lli/^ percent per annum on the unpaid balances of principal. This section does not limit or restrict the manner of contracting for the finance charge, whether by way of discount, add-on or simple interest, so long as the annual percentage rate of the finance charge does not exceed that permitted by this section. "(b) If such installment loan is precomputed.

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