Penalty provisions in contracts prohibited

  1. Law
  2. District of Columbia Code
  3. Banks and Other Financial Institutions
  4. Money Lenders; Licenses
  5. Penalty provisions in contracts prohibited

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In any contract made in pursuance of the provisions of this chapter it shall be unlawful to incorporate any provision for liquidated or other damages as a penalty for any default or forfeiture thereunder.

(Feb. 4, 1913, 37 Stat. 660, ch. 26, § 9.)

Prior Codifications

1981 Ed., § 26-709.

1973 Ed., § 26-609.


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