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KASS v. GARFINCKEL, BROOKS

No. 6719.

299 A.2d 542 (1973)

Benny L. KASS and Salme Kass, Appellants, v. GARFINCKEL, BROOKS BROTHERS, MILLER & RHOADS, INC., a Virginia corporation d/b/a Julius Garfinckel & Co., Appellee.

District of Columbia Court of Appeals.

Decided January 24, 1973.

Rehearing En Banc Denied February 22, 1973.

Attorney(s) appearing for the Case

Jerry S. Cohen, Washington, D. C., with whom Herbert E. Milstein and Michael D. Hausfelt, Washington, D. C., were on the brief, for appellants.

John J. Ross, Washington, D. C., with whom Robert J. Elliott and Peter W. Tredick, Washington, D. C., were on the brief, for appellee.

Before REILLY, Chief Judge, and KELLY and YEAGLEY, Associate Judges.

REILLY, Chief Judge:

The issue in this case is whether a retail merchant may enforce a revolving charge account agreement with a customer, the terms of which require payment of one and one-half (1½) percent per month on balances remaining unpaid after the first billing cycle for goods purchased on credit. As this monthly rate computed on an annual basis amounts to 18%, such rate, if interest, is obviously in excess of the eight (8) percent limit placed on written...

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