757

(a) No financing company may purchase any contract from a seller for a price which brings greater returns than the financing charges established by the Board according to regulations.(b) Conversion of the balance of a retail installment sale contract into a personal loan is hereby prohibited, when the goal of such conversion is to collect interest at a rate greater than the one had in the retail installment sale contract. Violation of this prohibition by the creditor shall give to the aggrieved debtor a right to claim from said creditor damages up to the sum of one thousand dollars ($1,000). History —June 19, 1964, No. 68, p. 192, § 2017, renumbered as § 217 and amended on May 31, 1972, No. 78, p. 171, § 11, eff. 180 days after May 31, 1972.