If a person or corporation contracts in the District,
(1) verbally, to pay a greater rate of interest than 6% per annum, or
(2) in writing, to pay a greater rate than is permitted under section 28-3301, 28-3308, under Chapter 36 of this subtitle, or under § 26-301 et seq., the creditor shall forfeit the whole of the interest so contracted to be received.
This section does not affect sections 26-901 to 26-912.
CREDIT(S)
(Aug. 30, 1964, 78 Stat. 675, Pub.L. 88-509, § 1; Dec. 17, 1971, 85 Stat. 665, Pub.L. 92-200, § 2; May 12, 1998, D.C. Law 12-111, § 25(a), 45 DCR 1782.)
HISTORICAL AND STATUTORY NOTES
Prior Codifications
1981 Ed., § 28-3303.
1973 Ed., § 28-3303.
Legislative History of Laws
Law 12-111, the “Check Cashers Act of 1998,” was introduced in Council and assigned Bill No. 12-338, which was referred to the Committee on Economic Development. The Bill was adopted on first and second readings on January 6, 1998, and February 3, 1998, respectively. Signed by the Mayor on February 24, 1998, it was assigned Act No. 12-300 and transmitted to both Houses of Congress for its review. Law 12-111 became effective on May 12, 1998.
References in Text
Sections 26-901 to 26-912, referred to in the last paragraph of this section, refer to the Act of Feb. 4, 1913, as amended, and as translated to the 2001 edition. D.C. Law 18-378 amended and enacted into law Title 29.
