31-1-817. Interest rates -- fees charged. (1) The maximum rate of interest that a title lender shall contract for and must receive for making and carrying any title loan authorized by this part may not exceed:
     (a) 25% for each 30-day period for the portion of a loan that does not exceed $2,000;
     (b) 18% for each 30-day period for the portion of a loan exceeding $2,000 but not exceeding $4,000; and
     (c) a 10% percentage rate for each 30-day period, plus fees, on the portion of a loan that exceeds $4,000.
     (2) Title lenders may charge their actual costs of recording liens on borrowers' certificates of title.

     History: En. Sec. 11, Ch. 455, L. 2001.