27.1501 Limit on sale price of goods.

Cite as [A.S.C.A. § 27.1501]

No merchant, trader, storekeeper or other person may sell goods to a Samoan on credit for more than the current cash selling price of like goods at the place where the credit transaction took place, but this section shall not prohibit a Samoan from agreeing in writing to pay interest of not more than 8% per year on overdue accounts growing out of credit transactions.

History: 1962, PL 7-23; 1968, PL 10-66; amd 1975, PL 14-16 § 3.

Research Guide: For a definition of Samoan, see subsection (g) of 27.0601.