(a) No licensee may contract for a loan that provides for a scheduled repayment of principal over more than the maximum terms set forth in this section opposite the respective size of loans.
Principal amount of loanMaximum termLess than $500 ........................24 months and 15 days$500 but less than $1,500 ........................36 months and 15 days$1,500 but less than $3,000 ........................48 months and 15 days$3,000 but less than $5,000 ........................60 months and 15 days
(b) This section does not apply to open-end loans, or to a student loan made by an eligible lender under the Higher Education Act of 1965, as amended, 20 U.S.C.§ 1070 et seq., or to a student loan made pursuant to the Public Health Service Act, as amended 42 U.S.C. § 294 et seq.