The Catholic University of America

Summary of District of Columbia Laws

Consumer Protection

The Small Loan Act
 

D.C. Code Ann. §§ 26-901 through 26-912

The Law: Also known as the "Loan Shark Act," it applies to small lenders, defined as those who make loans of less than $25,000. The Act requires these lenders to be licensed if they charge interest greater than six percent (6%), otherwise the loans are void.

 

Updated statutory cites CPJ 5-14-07
Revised NTC 11-6-07
links updated 6/6/08 rab
Links checked August 3rd, 2010, FJL.