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Can you summarize DCCO Title 28, Chapter 37?
Other Commercial Transactions. > Revolving Credit Accounts.
Short Summary
This legal document governs revolving credit accounts in the District of Columbia. It applies to sellers or financial institutions and buyers involved in such transactions. The document defines various terms and provides provisions related to credit service charges. It allows sellers or financial institutions to contract for the payment of a credit service charge, which should not exceed the maximum amount specified in the document. The credit service charge can be made in each billing cycle and can be computed based on the outstanding balance using different methods. Sellers or financial institutions are also allowed to impose or increase credit service charges, change the method of computing the balance, or increase the required minimum periodic payment, provided they give written notice to affected buyers. The document permits the imposition of late fees, delinquency charges, or similar assessments on minimum payments not paid in full within 10 days after the due date. However, loans obtained using a check, credit card, or other device to access a line of credit are not considered revolving credit accounts. The chapter does not specify any penalties for non-compliance or violation of its provisions.
Whom does it apply to?
Sellers or financial institutions and buyers involved in revolving credit transactions
What does it govern?
Revolving credit accounts
What are exemptions?
Loans obtained using a check, credit card, or other device to access a line of credit
What are the Penalties?
The chapter does not specify any penalties for non-compliance or violation of its provisions.
Jurisdiction
Washington, D.C.