cept as otherwise provided in this Article, administrative action taken by the Administrator pursuant to this Article is governed by the Administrative Adjudication Act.

§ 3508. Loan Finance Charge: Regulated Loans Other Than
Revolving Loan Accounts.
(1) With respect to a regulated loan, other than a loan pursuant to revolving loan account, an authorized lender may contract for and receive a loan finance charge not in excess of that permitted by this Section. With respect to a precomputed loan, the loan finance charge is computed on the amount of the principal for length of the term of the loan, notwithstanding that the loan is payable in installments, and on the assumption that all scheduled payments will be made on time. So long as the loan finance charge does not exceed the equivalent of that permitted of this Section, it may be calculated by way of discount, monthly or annual percentage rate on the unpaid balances, or otherwise.
(2) In the case of a precomputed loan having a schedule of substantially equal and consecutive monthly installments commencing thirty (30) days from the date the loan is made, the loan finance charge may not exceed the greater of either of the following:

(a) the total of
(i) three percent (3%) per month upon that part of the loan not exceeding Three Hundred Dollars ($300.00);

(ii) one and one-half percent (1 1/2%) per month upon that part of the loan in excess of Three Hundred Dollars ($300.00)

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and not exceeding Five Hundred Dollars ($500.00);

(iii) one percent (1%) per month upon that part of the loan exceeding Five Hundred Dollars ($500.00) and not exceeding One Thousand Five Hundred Dollars ($1,500.00); or
(b) twenty-four percent (24%) per year calculated on the unpaid balances of the principal according to the United States rule.

(3) With respect to a precomputed loan not governed by Subsection (2) or a loan which is not precomputed, the rate of the loan finance charge may not exceed a rate which, having due regard for the schedule of payments will produce a yield equivalent to that permitted by Subsec- tion (2) for a loan having the same size, the same length of term, and a schedule of substantially equal and consecutive monthly installments commencing thirty (30) days from the date loan is made.
(4) Except as provided in Subsection (5), the term of a loan for the purpose of this Section shall be calculated in terms of calendar months beginning with the date the loan is made. Differences in the lengths of months are disregarded. Fractions of a month are treated as a full month if more than fifteen (15) days, and if fifteen (15) days or less, are disregarded. If a loan is for a period greater than or less than a year, the charges stated in Paragraph (a) of Subsection (2) shall be computed proportionally.

(5) With respect to a premium finance loan, the term of the loan may commence on the date of the inception of the insurance contract ob- tained for the debtor pursuant to the premium finance loan agreement.

(6) A lender may make the same loan finance charge on all principal amounts within a specified range. In this case the principal amount for the purpose of Subsection (2) is the median amount of the range within which the actual principal amount is included. A charge may be made pursuant to this Subsection only if the same loan finance charge is made for all principal amounts within the specified range and if the charge on the median amount is no more than eight percent (8%) greater than the charge that would have been made on the actual principal amount pursu- ant to Subsection (2).
(7) The amounts of Three Hundred Dollars ($300.00), Five Hundred Dollars ($500.00) and One Thousand Five Hundred Dollars ($1,500.00) in Subsection (2) are subject to change pursuant to the provisions on adjustment of dollar amounts (§ 1106).

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SOURCE: Subsection (2)(b) amended by P.L. 16-32.