No licensee shall 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 $5,000
60 months and 15 days
This section does not apply to open-end loans, or to 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 to a student loan made pursuant to the Public Health Service Act, as amended (42 U.S.C. Sec. 294 et seq.).