Title 10, Chapter 1, Section 33
(a) Notwithstanding any other law, the finance charge, exclusive of
insurance and other benefits and official fees, shall not exceed the
Class 1. Any new motor vehicle designated by the manufacturer by a
year model not earlier than the year in which the sale is made and
all vehicles not previously titled -- $10.00 per $100.00 per year.
Class 2. Any new motor vehicle not in Class 1 and any used motor
vehicle designated by the manufacturer by a year model of the same
or not more than two years prior to the year in which the sale is
made -- $13.00 per $100.00 per year.
Class 3. Any used motor vehicle not in Class 2 and designated by
the manufacturer by a year model not more than four years prior to
the year in which the sale is made -- $15.00 per $100.00 per year.
Class 4. Any used motor vehicle not in Class 2 or Class 3 and
designated by the manufacturer by a year model more than four
years prior to the year in which the sale is made -- $17.00 per
$100.00 per year.
(b) Such finance charge shall be computed on the unpaid balance on
contracts payable in successive monthly payments substantially equal
in amount. Such finance charge may be computed on the basis of a
full month for any fractional month period in excess of ten days. A
minimum finance charge of $25.00 may be charged on any retail
installment transaction. As used in this subsection, the term
"unpaid balance" shall be determined in accordance with Section
226.8(c) of Regulation Z promulgated by the Board of Governors of
the Federal Reserve System pursuant to Title I (Truth in Lending
Act) and Title V (General Provisions) of the Consumer Credit
Protection Act (Public Law 90-321, 82 Stat. 146, et seq.), as the
same existed upon its becoming effective on July 1, 1969.
(c) When a retail installment contract provides for unequal or
irregular installment payments, the finance charge may be at a rate
which will provide the same yield as is permitted on monthly payment
contracts under subsections (a) and (b) of this Code section, having
due regard for the schedule of payments. Notwithstanding the
foregoing, a seller who computes a finance charge on an actuarial
basis may charge a finance charge, exclusive of insurance and other
benefits and official fees, which, when calculated according to the
actuarial method, does not exceed the yield which would have been
permitted on monthly contracts under subsections (a) and (b) of this
Code section, having due regard for the schedule of payments;
provided, however, that when a seller computes the finance charge
according to the actuarial method, then for purposes of computing
the rate the entire term of the contract shall be considered to be
the number of whole months within the scheduled payment period,
disregarding any odd days.
(d) Notwithstanding the provisions of subsection (a) of this Code
section, a buyer and a seller may establish any finance charge
agreed upon in writing by the parties where the amount financed is
more than $5,000.00.
(e) Any sales finance company may purchase or acquire or agree to
purchase or acquire from any seller any contract on such terms and
conditions as may be agreed upon between them. Unless the buyer has
notice of the assignment of his contract, payment thereunder made by
the buyer to the last known holder of such contract shall be binding
upon all subsequent holders.
(f) In no event will any such assignment bar any right of action against the seller arising as a result of this article nor will any such assignment bar any defense against the sales finance company or other assignee arising as a result of subsection (b) of Code Section 10-1-38.