Title 28 — Finance and Financial Institutions
7 chapters · 43 sections in this title.
A.S.C.A. § 28.1501 Interest rate-Agreements signed and written-Charge for loans
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(a) Except as provided in this title, no person may charge more than 15 percent per year as interest on a debt or obligation, and no agreement to pay a rate of interest higher than 6 percent per year shall be enforceable unless the same is in writing and is signed by the party to…
A.S.C.A. § 28.1502 Small loans-Interest
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Any bank, savings and loan association, person, firm, corporation or government entity which has been approved by the Governor as a small loan agency may charge a fee of not more than $8 per $100 per year on loans, debts and obligations of not more than $8,000 with an allowable m…
A.S.C.A. § 28.1503 Business loans
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It is lawful to charge, contract for, and receive any rate or amount of interest or other compen-sation, not to exceed 18 percent annually, with respect to any loan to any business or commercial organization or to a person or persons owning or desiring to acquire a business as a …
A.S.C.A. § 28.1505 Open-end credit
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(a) Notwithstanding any other provision to the contrary, the maximum rate of interest chargeable on open-end credit issued in American Samoa shall be determined by reference to the law of the creditor’s principal place of business. (b) Open-end credit means credit extended by a c…
A.S.C.A. § 28.1510 Penalty for usury
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Any person who loans money or extends credit in any manner whatsoever and takes, receives, reserves, or assesses interest, fees, or minimum charges thereon at a rate higher than that allowed by law shall upon conviction be sentenced as for a class A misdemeanor; and in addition, …