TITLE 32. FINANCIAL INSTITUTIONS

CHAPTER 5. CONSUMER LOAN BUSINESSES

Part 3. Operation of Business -- Restrictions and Requirements

Precomputed Interest Prohibited

32-5-311. Precomputed interest prohibited. All consumer loans made or refinanced under this chapter must be made on simple interest, and the interest on consumer loans made or refinanced under this chapter may not be precomputed.

History: En. Sec. 14, Ch. 173, L. 2013.