(1) Every licensee who lends any sum of money may contract for and receive charges at a rate not exceeding the sum of the following:(a) Two and one-half percent per month on that part of the unpaid principal balance of any loan up to, including, but not in excess of $225.(b) Two percent per month on that portion of the unpaid principal balance in excess of $225 up to, including, but not in excess of $900.(c) One and one-half percent per month on that part of the unpaid principal balance in excess of $900 up to, including, but not in excess of $ 1,650.(d) One percent per month on any remainder of the unpaid balance in excess of $1,650.
(a) Two and one-half percent per month on that part of the unpaid principal balance of any loan up to, including, but not in excess of $225.
(b) Two percent per month on that portion of the unpaid principal balance in excess of $225 up to, including, but not in excess of $900.
(c) One and one-half percent per month on that part of the unpaid principal balance in excess of $900 up to, including, but not in excess of $ 1,650.
(d) One percent per month on any remainder of the unpaid balance in excess of $1,650.
(2) This section does not apply to any loan of a bona fide principal amount of $2,500 or more as determined in accordance with section 885.
(3) Notwithstanding paragraph (1), the maximum amount of interest rate that is directly or indirectly charged, contracted for, or received by any person seeking a consumer loan in the amount of the consumer lending bona fide principal amount of $50,000 or less must not be in excess of 26 percent.
(4) Paragraphs (1) and (2) do not apply to persons seeking in-house financing. No interest rate in excess of 12 percent may be charged to persons seeking in-house financing of consumer auto loans or any other financing transactions where the loan is secured by a finance lender.