NEW YORK

References are to Consolidated Laws, Ch. 2, Banking Laws, Sec. 108, as added by Laws 1957, Ch. 597; amended by Laws 1958, Chs. 263 and 683; Laws 1959, Ch. 583; Laws 1960, Chs. 349 and 784; Laws 1962, Chs. 496 and 642; Laws 1965, Chs. 843 and 849; Laws 1968, Ch. 1072, approved June 22, 1968, effective July 1, 1969

Lenders.-Banks and trust companies holding certificates of authorization to operate personal loan departments from the Superintendent of Banking.

Maximum Loan.-$5,000 of unpaid principal balances, except to extent that loan is made for commercial or business use or for investment in or purchase of an unincorporated business or commercial enterprise.

Interest Charges.-Loans maturing not over 37 months: $6 per annum discount per $100 of face amount computed from date of loan to date of last instalment; may be taken in advance. Loans maturing in excess of 37 months: $5 per annum discount per $100 of face amount computed in the same manner, $10 minimum charge permitted.

Maximum Time.-25 months on loans not over $1,200 face amount; 37 months on loans over $1,200 face amount or on loans in any amount which is loaned to enable payment of imporvements made upon existing structures by the owner or lessee; 61 months on loans over $1,200 face amount which are made for a commercial or business use or for investment in or purchase of an unincorporated business or commerical enterprise or which are made to enable payment of improvements made upon existing structures by the owner or lessee.

Payments and Refunds.-Instalments: substantially equal payments at regular periodic intervals of not more than one month; if loan is for a period of one year or more, provisions may be made for omission of instalments during not more than 3 specified months in any 12 month period, but the legal maximum time can not be exceeded. Prepayment: allowed in full, or refinance with lender's consent; refund credit computed in accordance with "Rule of 78"; if interest previously deducted was less than $10, no refund required; or if interest previously deducted exceeded $10 and the earned interest is less, the lender may retain such an additional amount as will bring the earned interest to $10 and refund the remainder; unless loan is refinanced, minimum refund is $1; lender must refund any charged excess for credit life and accident and health insurance premiums, minimum refund is $1.

Special Charges.-Delinquency: either (a) $.05 per $1 fine on any instalment in default over 10 days; maximum fine is $5; only one fine per instalment; aggregate fines can not exceed 2% of loan or $25, whichever is less, excess of aggrgate fines over $1 must be returned to borrower within 60 days after loan is paid in full; or (b) 1% per month interest on each amount past due during delinquency period. Collection: actual expenditures, including reasonable attorney's fees for necessary court process. Insurance Premiums: an amount in accordance with premium rate schedules on file with the Superintendent of Insurance on group life, health and accident insurance and on property insurance on security. [see "Creidt Insurance Chart" at ¶ 51]. Investigation: any charge must be included in the maximum interest charges permitted. Other: fees payable to public officers to perfect any security interest taken to secure the loan, or the premium, not in excess of such filing fees, payable for any insurance in lieu of such filing; no other charges permitted.

Disclosure.-Loan applications and evidences of debt must state the rate of charge as (provided the loan is not subject to the Truth in Lending Act-New York ¶ 1291): a rate in dollars per annum discount per $100 face amount, or at a rate not exceeding $6 per annum discount per $100 face amount; provided that if the loan has a maturity exceeding 37 months, at a rate not exceeding $5 per annum discount per $100 face amount. [Note: The 1968 law, effective July 1. 1969, added the proviso.-CCH.]

Penalty For Excessive Interest.—If done knowingly, forfeiture of entire interest, and if paid, the borrower can recover twice the entire amount of interest. [NOTE: The 1968 law, effective July 1, 1969, deleted the requirement that the usurious interest paid be recovered within 2 years from the time the excess was taken.-CCH.]

Miscellaneous Provisions.-Insurance: group life, accident and health and property insurance may be required. Acceleration: no provision. Security: lender can not require borrower to place any sum on deposit, or to make deposits in lieu of regular periodic instalments as a condition precedent to granting the loan. Other: no special provisions.

NORTH CAROLINA

References are to General Statutes, as amended

Disclosure.-No special provisions.

BANK INSTALMENT LOANS, SEC. 53-43 (6)

Lenders. Commercial banks, savings banks, savings and loan associations and trust companies organized under state law and national banks and federal savings and loan associations doing business in the state.

Maximum Loan.-No sepcial provisions.

Interest Charges.-6% per annum on the amount of the loan, from the date of making to maturity of final instalment; may be deducted in advance from proceeds. Savings and loan associations and federal savings and loan associations may deduct interest in advance for one month from each monthly instalment of principal and interest, and may not deduct interest in advance from proceeds where maturity of the loan is three years or more or where the amount of the loan exceeds $1,500.

Maximum Time.-No special provisions.

Payments and Refunds.-No special provisions.

Special Charges.-Delinquency: no provision. Collection: no provision. Insurance Premiums: no provision. Investigation: commercial banks may charge $2.50 on loans of $50 or less, $1 for each $50 on loans over $50 and not over $250, and $1 for each $250 on loans over $250. Additional $5 charge allowed on loans secured by real estate mortgage. Other: no special provisions.

Disclosure.-No special provisions.

Penalty For Excessive Interest.-No special provisions.

Miscellaneous Provisions.-No special provisions.

SPECIAL CROP LOAN PROVISIONS, SEC. 44-57

Lenders. Any person, firm or corporation, including any bank or credit union. Maximum Loan.-No special provisions.

Interest Charges.-10% commission on amount actually advanced, in lieu of interest; must be added to the amount advanced.

Maximum Time. No special provisions.

Payments and Refunds.-Instalments: must be agreed upon at time of contract. Prepayment: no special provisions.

Special Charges.-No special provisions.

Disclosure. No special provisions.

Penalty For Excessive Interest.-No special provisions.

Miscellaneous Provisions.-Loan must be for the purpose of crop cultivation, and sole security must be a lien or mortgage on the crops to be cultivated and the personal property of the borrower.

NORTH DAKOTA

References are to Century Code, Chapter 13–04, as amended by Laws 1963, Ch. 125 Lenders.-Banks organized under state law and national banks. (Sec. 13-04

01)

Maximum Loan.-$3,600. (Sec. 13-04-01)

Interest Charges.-$6 per $100 per annum upon total amount of loan from the date thereof to maturity date of final instalment; may be deducted in advance or included in the principal amount. (Sec. 13-04-01)

Maximum Time.-3 years and 32 days. (Sec. 13-04-01)

Payments and Refunds.-Instalments: payments may be in instalments. Prepayment: allowed in full at any time; refund credit computed in accordance with "rule of 78." (Sec. 13-04-03)

Special Charges.-Delinquency: 5% of each instalment in default over 10 days or $5, whichever is less; only one charge per instalment. (Sec. 13-04-02) No other special charge provisions.

Disclosure. No special provisions.

Penalty For Excessive Interest.-No special provisions.

Miscellaneous Provisions.-Insurance: no provision. Acceleration: no provision. Security: loans can not be secured by realty. Other: no special provisions.

OHIO

References are to Laws 1967, S. B. No. 97, approved September 8, 1967, effective January 1, 1968

Lenders.-State banks, including commercial banks, savings banks, trust companies and special plan banks, but not societies for saving, building and loan associations, credit unions, federal savings and loan associations or title guarantee and trust companies. (Sec. 1101.01)

Maximum Loan.-10% of paid-in capital, surplus and capital securities. (Sec. 1107.23)

Interest Charges.-Interest rate allowed by law. (Sec. 1107.26) (See ¶ 31, footnote 36)

Maximum Time.-No special provisions.

Payments and Refunds.-Instalments: payments in instalments. Prepayment: no special provisions.

Special Charges.-No special provisions.

Disclosure. No special provisions.

Penalty For Excessive Interest.-No special provisions.

Miscellaneous Provisions.-Loan may be secured or unsecured and the borrower is not required to make periodical deposits in the bank. (Sec. 1107.26)

OKLAHOMA

There are no statutory provisions pertaining to instalment loans.

OREGON

References are to Oregon Revised Statutes, Ch. 708, Sec. 480, as amended by Laws 1965, Ch. 338

Lenders.-State banks and national banks doing business in the state.

Maximum Loan.-10% of lender's aggregate capital and surplus. (Sec. 708.305) Interest Charges.-10% per annum may be charged; or, in lieu of interest. $8 per annum per $100 on original principal not exceeding $500, and $6 per annum per $100 on the original prinicpal in excess of $500 to $1,000, may be charged. Minimum charge is $7.50.

Maximum Time.-No special provisions.

Payments and Refunds.-Instalments: approximately equal. Prepayment: allowed and if the loan charges are in excess of 10% per annum, the unearned portion must be refunded; minimum refund is $7.50.

Special Charges.—Delinquency: 10% per annum on instalments in default. No other special charge provisions.

Disclosure.-No special provisions.

Penalty For Excessive Interest.—No special provisions.

Miscellaneous Provisions.-No special provisions.

PENNSYLVANIA

References are to Banking Code of 1965, Act of November 30, 1965, P. L. No. 356, Sec. 309, effective January 2, 1966, as amended

Lenders. Banks and bank and trust companies.

Maximum Loan.-$5,000.

Interest Charges.-$6 per $100 per annum; may be collected in advance. If loan is one of a series under a revolving credit plan, the lender may charge not over 1% per month on the actual outstanding balance.

Maximum Time.-59 months calculated from the payment date of the first instalment which must be scheduled no later than 45 days after the time of making the loan; however, revolving credit plan loans must become due within 5 years from the date the last loan was made.

Payments and Refunds.-Instalments: substantially equal and at substantially equal intervals of not more than 3 months each; may be omitted because of intermittent income for not more than 3 months in each calendar year: first instalment due no later than 45 days after loan is made. Prepayment: allowed and refund credit computed in accordance with "rule of 78," unless it is less than $1 or in any amount until the lender has received a minimum charge of $5.

Special Charges.-Delinquency: 5% of each instalment in arrears over 15 days, other than by acceleration or delinquency on a prior instalment, or $2.50, whichever is less; one charge per instalment. Collection: reasonable attorneys' fees and collection costs. Insurance Premiums: on insurance obtained with the loan. Investigation: no provision. Other: extension charge not over 1% of unpaid balance for each month of extension up to 6 months; filing fees; check or order charges under a revolving credit plan not over the current check charge for special checking accounts.

Disclosure.-Borrower must be informed of the monthly rate of charge for a loan under a revolving credit plan, and of the dollar amount of the total charge for any other instalment loan.

Penalty For Excessive Interest.-No special provisions.

Misecellaneous Provisions.-Insurance: can be required on property which secures the loan. Acceleration: no provision. Security: no provision. Other: these provisions do not apply to loans insured pursuant to national housing legislation.

PUERTO RICO

There are no statutory provisions pertaining to instalment loans.

RHODE ISLAND

References are to General Laws 1956; Sec. 19–9–5(b), as amended by Laws 1962, Ch. 232; Laws 1966, H. B. No. 1606

Lenders.-Savings banks.

Maximum Loan-$5,000, exclusive of interest or discount on secured or unsecured loans; but, aggregate outstanding loans by any one savings bank must not exceed 5% of its deposits.

Interest Charges.-As established by the department of business regulation. Maximum Time.-60 months from the date of the note.

Payments and Refunds.-Instalments: intervals are as determined by the board of investment subject to the regulations of the department of business regulation. Prepayment: allowed in full or in part on any instalment date without cost for interest for the period thus anticipated on the amount paid in advance. Special Charges.-As established by the department of business regulation. Disclosure. No special provisions.

Penalty For Excessive Interest.-No special provisions.
Miscellaneous Provisions.-No special provisions.

SOUTH CAROLINA

References are to Code of 1962, Title 8, as amended

Lenders. Banks, banking institutions and other lending agencies doing business in the state. (Sec. 8-233, as last amended by Acts 1966, H. B. No. 2272). A certificate of registration from the State Board of Bank Control, effective for one year, must be obtained by al lenders making more than ten loans per year, except small loan licensees and lenders excepted by Sec. 2(b) of the 1966 small loan law. Sec. 2(b) exceptions include: banks, savings and loan associations, trust companies, insurance companies, credit unions and licensed pawn brokers. (Acts 1966, Act No. 988, Sec. 23, effective August 7, 1966)

Maximum Loan.-Not less than $10. (Sec. 8-233, as last amended by Acts 1966, H. B. No. 2722)

Interest Charges.-7% per annum interest or add-on charges may be made just as if the entire amount of the debt matured on the last installment date; 12% per month on the unpaid balance may be charged for loans or advances made under revolving credit plans. (Sec. 8-233, as last amended by Acts 1968, H. B. No. 2722, approved and effective May 30, 1968.) A fee not exceeding $7.50, or $1.50 per instalment, whichever is greater, may be charged in lieu of interest on loans involving $50 or more and which are payable in not less than three monthly instalments. If such loans are renewed, the renewal fee can not exceed $1.50 per instalment. (Sec. 8-4, as amended by Acts 1962, Act No. 762).

Maximum Time.-Not less than 3 months. (Sec. 8-233, as last amended by Acts 1968, H. B. No. 2722.) State Bank Provision: Secured or unsecured instalment loans may be made for such length of time and on such other terms and condi

tions as may be prescribed for similar loans for national Banks. (Sec. 8-223, as last amended by Acts 1968, S. B. No. 724, approved and effective March 28, 1968) Payments and Refunds.-Instalments: Payments must be made in instalments. (Sec. 8-233, as amended by Acts 1968, H. B. No. 2722) Prepayment: Lenders making more than ten loans per year, except lenders excepted by Sec. 2(b) of the 1966 small loan law, must disclose title right of the borrower to prepay the loan in full prior to maturity, and the fact that such prepayment in full will reduce the charge for the loan. (Acts 1966, Act No. 988, Secs. 15(a), 23, approved May 9, 1966 and effective August 7, 1966.) State Bank Provisions-Instalments: Personal instalment loans for automobiles and consumer goods must be payable in equal monthly instalments or as nearly equal as the principal allows; and for instalment loans secured by chattel mortgages on farm implements or equipment, such payments may be monthly, quarterly, semiannually or annually. (Sec. 8-223, as last amended by Acts 1968, S. B. No. 724, approved and effective March 28, 1968) Special Charges.-No special provisions.

Disclosure. All lenders making more than ten loans per year, except those excepted under Sec. 2(b) of the 1966 small loan law, must give the borrower a written statement disclosing: the amount of the loan; date and maturity; the principal amount excluding charges; the original dollar charge; a description of the payment schedule; the right of prepayment and refund; the nature of security, if any; and every deduction from the loan or payment for insurance. Acts 1966, Act No. 988, Secs. 15, 23, effective August 7, 1966)

Penalty For Excessive Interest.-No special provisions.

Miscellaneous Provisions.-Insurance: no accident, health or property insurance may be required on loans of $100 or less. (Sec. 84, as amended by Acts 1962. Act No. 762) No other special provisions. State Bank Provisions: Limitations imposed by Sec. 8-223, as amended, do not apply to loans made in participation with agencies of the United States authorized to make direct loans or with Federal reserve banks; and, they do not apply to loans made to persons for the purpose of obtaining higher education, however, the first payment on any such loan must be made not later than four years from the date of completion of the course of higher education for which the loan was made. (Sec. 8-224).

SOUTH DAKOTA

References are to South Dakota Code 1939, 1960 Supplement, as amended

Lenders.-State banks and national banks, and any association, corporation. partnership or individual licensed under the Instalment Repayment Small Loan and Consumer Finance Law. (Sec. 6.04A02, as last amended by Laws 1967, S. B. No. 82.)

Maximum Time.-7 years and 30 days from the date of the loan. (See. by Laws 1967, S. B. No. 82, effective July 1, 1967)

Interest Charges.-8% per annum upon the total amount of the loan up to $1,000 and 6% upon the excess, computed from the date of the loan until the stated maturity date of the final instalment. A minimum fee of $2 may be charged. Renewal loans or new loans made to the same borrower within 14 days after repayment of a previous loan are exempt from the minimum fee. (Sec. 6.04A02, 63 last amended by Laws 1967, S. B. No. 82.)

Maximum Time.-7 years and 30 days from the date of the loan. (Sec. 6.04A02, as last amended by Laws 1967, S. B. No. 82, approved February 20, 1967, effective July 1, 1967.)

Payments and Refunds.-Instalments: substantially equal and at equal periodic intervals; payments schedule may reduce or omit payments to facilitate payment in accordance with the debtor's principal source of income, if requested in writing by the borrower at the inception of the loan. (Sec. 6.04A08) Prepayment: allowed in full at any time; the refund of charges shall be at least as great a proportion of the total charges, as the sum of the remaining monthly balances of the principal and interest combined schedule to follow the date of prepayment bears to the sum of all the monthly balances of principal and interest combined originally scheduled by the loan agreement; provided, that in any event the lender may retain at least two dollars of the original charge. (Sec. 6.04A03, aa amended by Laws 1964, Ch. 13.)