§ 9-123. Maximum interest rate.

Latest version.

A secondhand dealer who engages in title loan transactions may not exceed the following interest rates:
A secondhand dealer may charge an interest rate not to exceed two and one-half (2½) percent per thirty-day period the title loan agreement remains outstanding and unsatisfied. The interest rate charged shall in no event exceed thirty (30) percent annual percentage rate. In determining compliance with the maximum interest and finance charges, the computation must be simple interest and not add-on interest or any other interest computation.

(Ord. No. 99-28, § 3, 8-3-99)

                    
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