Section 5-2-308 - Regular schedule of payments - maximum loan term

(1) Supervised loans not made pursuant to a revolving credit account and in which the principal is three thousand dollars or less shall be scheduled to be payable in substantially equal installments at equal periodic intervals except to the extent that the schedule of payments is adjusted to the seasonal or irregular income of the debtor and: (a) Over a period of not more than thirty-seven months if the principal is more than one thousand dollars; or(b) Over a period of not more than twenty-five months if the principal is one thousand dollars or less.L. 2000: Entire article R&RE, p. 1213, § 1, effective July 1.This section is similar to former § 5-3-511, as it existed prior to 2000.