Section 478: Entitlement of creditor to interest from debtor

1) If a deed on a transaction provides for the payment of interest, the creditor may collect the interest from the debtor as set forth in the deed.

2) The amount of interest which the creditor is entitled to collect from the debtor pursuant to sub-section (1) shall not exceed ten percent of the principal per annum.

3) If the deed executed pursuant to sub-section (1) does not provide for the rate of interest but only for the payment of interest, the creditor may collect interest from the debtor at the rate of ten percent of the principal per annum.

4) If the deed executed pursuant to sub-section (1) provides for the payment of profit instead of interest but does not specify the amount of such profit, the creditor may collect such profit from the debtor as if it were interest.