It shall be lawful to lend money at six percent per annum or less, to aggregate principal and interest at the date of the loan for the entire period of the loan and to divide the sum of the principal and interest for the entire period of the loan into monthly or other installments.
Ala. Code § 8-8-2
Maximum Rates of Interest - Aggregation of Principal and Interest on Loans at Six Percent and Division into Installments.
Applied in 1 court decision — leading case 124 F. Supp. 2d 1211 - Frontier Insurance v. International, Inc. (2000)
Most recently applied in 124 F. Supp. 2d 1211 - Frontier Insurance v. International, Inc. (September 2000)
(Acts 1927, No. 376, p. 440; Code 1940, T. 9, §61; Acts 1953, No. 450, p. 554.)
Official source: Alabama Legislature (ALISON). Reproduced from public-domain Alabama statutes; confirm against the official source for the current text. Not legal advice.