
			<p>No lender may charge more than $15.50 per $100 loaned on any payday loan over the term of the loan, or more than $15.50 per $100 on the initial principal balance and on the principal balances scheduled to be outstanding during any installment period on any installment payday loan.</p>

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			<p>Any installment payday loan must be fully amortizing, with a finance charge calculated on the principal balances scheduled to be outstanding and be repayable in substantially equal and consecutive installments, according to a payment schedule agreed by the parties with not less than 13 days and not more than one month between payments; except that the first installment period may be longer than the remaining installment periods by not more than 15 days, and the first installment payment may be larger than the remaining installment payments by the amount of finance charges applicable to the extra days.</p>

			<p>In calculating finance charges under this subsection, when the first installment period is longer than the remaining installment periods, the amount of the finance charges applicable to the extra days shall not be greater than $15.50 per $100 of the original principal balance divided by the number of days in a regularly scheduled installment period and multiplied by the number of extra days determined by subtracting the number of days in a regularly scheduled installment period from the number of days in the first installment period.</p>

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			<p>No lender may make a payday loan to a consumer if the total of all payday loan payments coming due within the first calendar month of the loan, when combined with the payment amount of all of the consumer&#39;s other outstanding payday loans coming due within the same month, exceeds the lesser of: (1) $1,000; or (2) in the case of one or more payday loans, 25 percent of the consumer&#39;s gross monthly income; or (3) in the case of one or more installment payday loans, 22.5 percent of the consumer&#39;s gross monthly income; or (4) in the case of a payday loan and an installment payday loan, 22.5 percent of the consumer&#39;s gross monthly income.</p>

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			<p>For purposes of determining the finance charge earned on an installment payday loan, the disclosed annual percentage rate shall be applied to the principal balances outstanding from time to time until the loan is paid in full, or until the maturity date, whichever occurs first. No finance charge may be imposed after the final scheduled maturity date.</p>
			