(1) The maximum finance charge which may be contracted for or received for any purchase money loan or purchase money extension of credit made by any lender or by any licensed retail seller, or by any other entity that is expressly exempt from licensing but expressly subject to compliance with this chapter under the provisions of Section 63-19-7, in connection with sales or financing of motor vehicles and commercial vehicles, as defined in Section 63-19-3(a) and 63-19-3(b), made under this chapter, may result in a yield not to exceed the following annual percentage rates calculated according to the actuarial method:
(a) Class 1. Any new motor vehicle manufactured in the same year or the year immediately prior to the year in which the sale is made – eighteen percent (18%) per annum on the unpaid balance.
(b) Class 2. Any new motor vehicle not in Class 1, any used motor vehicle manufactured not more than two (2) years prior to the year in which the sale is made, and any new commercial vehicle or used commercial vehicle manufactured not more than one (1) year prior to the year in which the sale is made – twenty-one percent (21%) per annum on the unpaid balance.
(c) Class 3. Any used motor vehicle not in Class 2 and manufactured not more than four (4) years prior to the year in which the sale is made and any used commercial vehicle not in Class 2 – twenty-six and seventy-five one-hundredths percent (26.75%) per annum on the unpaid balance.
(d) Class 4. Any used motor vehicle not in Class 2 or Class 3 and manufactured more than four (4) years prior to the year in which the sale is made – twenty-eight and seventy-five one-hundredths percent (28.75%) per annum on the unpaid balance.
(2) The discount rate referred to in subsection (1) of this section shall be determined, posted and accorded evidentiary weight as provided in Section 75-17-33.
(3) Any subsequent extension, renewal or refinancing of any purchase money loan or purchase money extension of credit under this chapter which is secured by a perfected security interest in a motor vehicle or commercial vehicle pursuant to Section 63-21-43 shall continue to be secured by such security interest without the necessity of reapplying for a certificate of title under that section.
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