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Notwithstanding this or other statutes, for all single payment loans for a term of one (1) year or less, in an original principal amount of one thousand dollars ($1,000) or less:
The maximum effective rate of interest shall be that rate fixed, from time to time, as fair and reasonable, by rule adopted by the commissioner of financial institutions, but in no event to exceed ten percent (10%) per annum; and
A loan charge may be exacted at a rate not to exceed seven dollars and fifty cents ($7.50) on the first one hundred dollars ($100) of principal and one dollar and fifty cents ($1.50) per one hundred dollars ($100) of principal thereafter, up to a maximum of twenty dollars ($20.00) for any loan; provided, that no such loan charge may be assessed upon the renewal of any such loan.
The commissioner shall adopt reasonable rules and regulations to prevent abuses in the collection of interest, loan charges, and any other charges made in connection with or in relation to such single payment loans.