6-609 - Reporting rates; change in rates; quarterly report of superintendent
6-609. Reporting rates; change in rates; quarterly report of superintendent
A. At the time of making its annual report to the superintendent, each licensee shall report the licensee's standard annual percentage rate or range of annual percentage rates in effect at that time on the following types of loans:
1. A five hundred dollar unsecured consumer loan, payable in twelve equal monthly installments.
2. A two thousand five hundred dollar consumer loan secured by a motor vehicle, payable in thirty-six equal monthly installments.
3. A nine thousand dollar consumer loan secured in full by real property, payable in one hundred twenty equal monthly installments.
4. A consumer revolving loan with an agreed on credit limit of three thousand dollars.
5. A home equity revolving loan with an agreed on credit limit of fifteen thousand dollars.
B. The amount of each of the consumer loans described in subsection A refers to the amount financed as computed in accordance with the truth in lending act. The licensee shall also report the range of the percentage amount of any prepaid finance charges charged in connection with a home equity revolving loan described in subsection A, paragraph 5.
C. Within thirty days after effectuating a change in the standard rate of charge for any of the types of loans described in subsection A, the licensee shall report that change to the superintendent.
D. On at least a quarterly basis the superintendent shall compile a report of the standard annual percentage rate or range of annual percentage rates of each licensee for the types of loans described in subsection A. The superintendent shall disseminate this report in a manner deemed appropriate by the superintendent, and the superintendent shall make the report available to the public for inspection and copying.