GroundRules
31-1-113: Limitation of rule of 78ths.
Where this section sits in the code
- TITLE 31. CREDIT TRANSACTIONS AND RELATIONSHIPS
- CHAPTER 1. CREDIT TRANSACTIONS
- Part 1. Loans of Money -- Interest Rates
The sum of the monthly time balances method of computing interest or refunds on prepayment, which is also known as the rule of 78ths, may not be used in any loan agreement or retail installment contract unless the term of the loan or contract does not exceed 61 months.
Collected 2026-09-14T04:51:42Z. Source file · JSON