Code of the District of Columbia

Chapter 36. Direct Motor Vehicle Installment Loans.


§ 28–3601. Direct motor vehicle installment loans.

The provisions of the Act approved April 22, 1960 (Public Law 86-431, 74 Stat. 69; D.C. Code, 1967 Ed., Chapter 9 of Title 40, [Chapter 6 of Title 50, 2001 Ed.]), covering installment sales of motor vehicles, as amended, and the regulations issued thereunder, shall apply to the extent appropriate to, a direct installment loan, secured by a security interest in a motor vehicle, made by a federally insured bank or savings and loan association doing business in the District of Columbia, subject to section 28-3602 .


(Dec. 17, 1971, 85 Stat. 666, Pub. L. 92-200, § 4.)

Prior Codifications

1981 Ed., § 28-3601.

1973 Ed., § 28-3601.

Cross References

Automobile Consumer Protection Act, see § 50-501.


§ 28–3602. Finance charge.

Such a bank or savings and loan association may contract for and receive interest at the rate provided for in Chapter 33 of this subtitle, or, in lieu of such interest, a finance charge which, if expressed as an annual percentage rate, does not exceed a rate of 21% per annum on the unpaid balances of principal.


(Dec. 17, 1971, 85 Stat. 667, Pub. L. 92-200, § 4; Mar. 10, 1982, D.C. Law 4-70, § 4, 28 DCR 5236.)

Prior Codifications

1981 Ed., § 28-3602.

1973 Ed., § 28-3602.

Section References

This section is referenced in § 28-3601.


§ 28–3603. Definitions.

As used in this chapter, “finance charge” and “annual percentage rate” shall have the respective meanings under the provisions of the Truth-in-Lending Act (82 Stat. 146 et seq.; 15 U.S.C. 1601 et seq.) and the regulations and interpretations thereunder; and “federally insured bank or savings and loan association” means an insured bank as defined in section 3 of the Federal Deposit Insurance Act or an “insured institution” as defined in section 401 of the National Housing Act.


(Dec. 17, 1971, 85 Stat. 667, Pub. L. 92-200, § 4.)

Prior Codifications

1981 Ed., § 28-3603.

1973 Ed., § 28-3603.

References in Text

Section 3 of the Federal Deposit Insurance Act and section 401 of the National Housing Act, both referred to in this section, are codified in 12 U.S.C. §§ 1813 and 1724, respectively. 12 U.S.C. § 1724 was repealed by Pub. L. 101-73, title IV, § 407, August 9, 1989, 103 Stat. 363.