(a) Except as provided in subdivision (b), a licensee shall not enter into any contract for a loan that provides for a scheduled repayment of principal over more than the maximum terms set forth below opposite the respective size of loans.
Principal amount of loan
Maximum term
Less than $500
24 months and 15 days
$500 but less than $1,500
36 months and 15 days
$1,500 but less than $3,000
48 months and 15 days
$3,000 but less than $10,000
60 months and 15 days
(b) The maximum loan term of 60 months and 15 days does not apply to a loan secured by real property of a bona fide principal amount of at least five thousand dollars ($5,000).
(c) A licensee shall not enter into any contract for a loan that provides for a scheduled repayment of principal that is less than 12 months. This subdivision applies to a loan of a bona fide principal amount of at least two thousand five hundred dollars ($2,500), but less than ten thousand dollars ($10,000).
(d) This section does not apply to an open-end loan, a student loan made by an eligible lender under the Higher Education Act of 1965, as amended (20 U.S.C. Sec. 1070 et seq.), or a student loan made pursuant to the Public Health Service Act, as amended (42 U.S.C. Sec. 294 et seq.).