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v <br />v <br />(b) No title loan agreement shall designate a weekend or legal holiday as a maturity <br />date. A title loan that becomes payable on a day that the title loan lender's location or office <br />is closed shall be deemed under the terms of the agreement as becoming payable on the next <br />business day. <br />(c) No part of this Ordinance shall be construed to impair or affect the obligation <br />of any title loan agreement or contract that was lawfully entered into prior to the effective <br />date of this Ordinance. <br />SECTION 4. MAXIMUM INTEREST RATE. <br />percent (2 112%) per thirty (30) day period the title loan agreement remains outstanding and <br />unsatisfied. In determining compliance with the maximum interest and finance charges, the <br />computation must be simple interest and not add-on interest or any other interest <br />computation. <br />(b) The annual percentage rate that may be charged in a title loan transaction may <br />equal, but not exceed, the annual percentage rate that must be computed and disclosed as <br />required by the federal Truth in Lending Act and Regulation Z of the Board of Governors of <br />for <br />is <br />is <br />the Federal Reserve System. When the <br />(a) A title loan lender may <br />charge a maximum <br />interest rate of <br />two and one-half <br />percent (2 112%) per thirty (30) day period the title loan agreement remains outstanding and <br />unsatisfied. In determining compliance with the maximum interest and finance charges, the <br />computation must be simple interest and not add-on interest or any other interest <br />computation. <br />(b) The annual percentage rate that may be charged in a title loan transaction may <br />equal, but not exceed, the annual percentage rate that must be computed and disclosed as <br />required by the federal Truth in Lending Act and Regulation Z of the Board of Governors of <br />for <br />is <br />is <br />the Federal Reserve System. When the <br />period <br />which the <br />charge computed <br />more or <br />less than one month, the maximum rate for the period must be computed on the basis of one - <br />thirtieth (1/30) the applicable monthly interest rate, multiplied by the number of days of the <br />