Title 14A, Title 14A — Consumer Credit Code

(1) Before opening any account under a revolving charge account plan, the creditor shall give to the consumer the following information: (a) conditions under which a credit service charge may be made, including the time period, if any, within which any credit extended may be repa…

solicitation. Disclosure in credit and charge card applications and solicitation. (1) Any application to open a credit card account for any person under a revolving charge account plan, or a solicitation to open such an account without requiring an application that is mailed to c…

plans secured by consumer's principal dwelling. Disclosure requirements for revolving charge account plans secured by consumer's principal dwelling. (1) In the case of any revolving charge account plan which provides for any extension of credit which is secured by the consumer's …

plan subject to variable rate and secured by consumer's principal dwelling - Termination of account - Change of terms or conditions - Refunding of fees. (1) In the case of extensions of credit under a revolving charge account plan which are subject to a variable rate and are secu…

With respect to a consumer lease the lessor shall give to the lessee the following information: (1) brief description or identification of the personal property leased; (2) amount of any payment required at the inception of the lease; (3) amount paid or payable for official fees,…

(1) No seller or lessor shall engage in this state in false or misleading advertising concerning the terms or conditions of credit with respect to a consumer credit sale or consumer lease. (2) Without limiting the generality of subsection (1) of this section and without requiring…

This part applies to consumer credit sales and consumer leases. In addition, Section 2-310.3 of Part 3 of this article contains certain limitations upon the terms of extensions of credit under revolving charge account plans which are subject to either a fixed or a variable rate a…

A seller may not use multiple agreements with intent to obtain a higher credit service charge than would otherwise be permitted by this article or to avoid disclosure of an annual percentage rate pursuant to the provisions on disclosure and advertising (Part 3). The excess amount…

In a consumer credit sale or consumer lease, the seller or lessor may not take a negotiable instrument other than a check as evidence of the obligation of the buyer or lessee. A holder is not in good faith if he takes a negotiable instrument with notice that it is issued in viola…

(1) With respect to a consumer credit sale or consumer lease, an agreement by the buyer or lessee not to assert against an assignee a claim or defense arising out of the sale or lease is enforceable only by an assignee not related to the seller or lessor who acquires the buyer's …

With respect to a consumer credit sale, other than one pursuant to a revolving charge account, if any scheduled payment is more than twice as large as the average of earlier scheduled payments, the buyer has the right to refinance the amount of that payment at the time it is due …

The obligation of a lessee upon expiration of a consumer lease may not exceed twice the average payment allocable to a monthly period under the lease. This limitation does not apply to charges for damages to the leased property or for other default. Added by Laws 1969, c. 352, § …

(1) With respect to a consumer credit sale, a seller may take a security interest in the property sold. In addition, a seller may take a security interest in goods upon which services are performed or in which goods sold are installed or to which they are annexed, or in land to w…

(1) In addition to contracting for a security interest pursuant to the provisions on security in sales or leases (Section 2-407), a seller in a consumer credit sale may secure the debt arising from the sale by contracting for a security interest in other property if as a result o…

(1) If debts arising from two or more consumer credit sales, other than sales pursuant to a revolving charge account, are secured by cross-collateral (Section 2-408) or consolidated into one debt payable on a single schedule of payments, and the debt is secured by security intere…

A seller or lessor may not take an assignment of earnings of the buyer or lessee for payment or as security for payment of a debt arising out of a consumer credit sale or a consumer lease. An assignment of earnings in violation of this section is unenforceable by the assignee of …

With respect to a consumer credit sale or consumer lease the seller or lessor may not give or offer to give a rebate or discount or otherwise pay or offer to pay value to the buyer or lessee as an inducement for a sale or lease in consideration of his giving to the seller or less…

The buyer or lessee is authorized to pay the original seller or lessor until the buyer or lessee receives notification of assignment of the rights to payment pursuant to a consumer credit sale or consumer lease and that payment is to be made to the assignee. A notification which …

With respect to a consumer credit sale or with respect to a consumer lease the agreement may provide for the payment by the buyer or lessee of reasonable attorney's fees not in excess of fifteen percent (15%) of the unpaid debt after default and referral to an attorney not a sala…

Except for reasonable expenses incurred in realizing on a security interest, the agreement with respect to a consumer credit sale may not provide for any charges as a result of default by the buyer other than those authorized by this act. A provision in violation of this section …

A buyer or lessee may not authorize any person to confess judgment on a claim arising out of a consumer credit sale or consumer lease. An authorization in violation of this section is void. Added by Laws 1969, c. 352, § 2-415, eff. July 1, 1969.

(1) If a seller makes a change in the terms of a revolving charge account without complying with this section any additional cost or charge to the buyer resulting from the change is an excess charge and subject to the remedies available to debtors (Section 5- 202) and to the Admi…

"Home solicitation sale" means a consumer credit sale of goods, other than farm equipment, or services in which the seller or a person acting for him engages in a personal solicitation of the sale at a residence of the buyer and the buyer's agreement or offer to purchase is there…

(1) Except as provided in subsection (5), in addition to any right otherwise to revoke an offer, the buyer has the right to cancel a home solicitation sale until midnight of the third business day after the day on which the buyer signs an agreement or offer to purchase which comp…

rights. (1) In a home solicitation sale, unless the buyer requests the seller to provide goods or services without delay in an emergency, the seller must present to the buyer and obtain his signature to a written agreement or offer to purchase which designates as the date of the …

fee. (1) Except as provided in this section, within ten (10) days after a home solicitation sale has been cancelled or an offer to purchase revoked the seller must tender to the buyer any payments made by the buyer and any note or other evidence of indebtedness. (2) If the down p…

cancellation. (1) Except as provided by the provisions on retention of goods by the buyer (subsection (4) of Section 2-504), within a reasonable time after a home solicitation sale has been canceled or an offer to purchase revoked, the buyer upon demand must tender to the seller …

The parties to a sale other than a consumer credit sale may agree in writing signed by the parties that the sale is subject to the provisions of this act applying to consumer credit sales. If the parties so agree the sale is a consumer credit sale for the purposes of this act. Ad…

With respect to a sale other than a consumer credit sale, the parties may contract for the payment by the buyer of any credit service charge. Added by Laws 1969, c. 352, § 2-605, eff. July 1, 1969. Amended by Laws 1982, c. 335, § 31, operative June 1, 1982.

This article shall be known and may be cited as Uniform Consumer Credit Code - Loans. Added by Laws 1969, c. 352, § 3-101, eff. July 1, 1969.

This article applies to consumer loans, including supervised loans, unless otherwise provided by a section of this article. Added by Laws 1969, c. 352, § 3-102, eff. July 1, 1969. Amended by Laws 1980, c. 122, § 2, emerg. eff. April 15, 1980; Laws 1982, c. 335, § 32, operative Ju…

ordinances and regulations – Injunctive relief. A. No municipality or other political subdivision of this state shall adopt or enforce any order, ordinance or regulation relating to any business or occupation licensed, regulated and controlled under the supervision of the Departm…

The following definitions apply to this act and appear in this article as follows: "Annual percentage rate" - Section 3-304(2) "Consumer loan" - Section 3-104 "Consumer related loan" - Section 3-602(1) "Corresponding nominal annual percentage rate" - Section 3- 304(3). "Lender" -…

Except with respect to a loan primarily secured by an interest in land (Section 3-105 of this title), or except with respect to loans granted by institutions of postsecondary education except that such loans by institutions of postsecondary education shall be subject to disclosur…

land". Unless the loan is made subject to this act by agreement (Section 3-601), and except as provided with respect to disclosure (Section 3-301) and debtors' remedies (Section 5-201), "consumer loan" does not include a "loan primarily secured by an interest in land", if at the …

(1) "Loan" includes (a) the creation of debt by the lender's payment of or agreement to pay money to the debtor or to a third party for the account of the debtor; (b) the creation of debt by a credit to an account with the lender upon which the debtor is entitled to draw immediat…

(1) Except as otherwise provided, "lender" includes an assignee of the lender's right to payment but use of the term does not in itself impose on an assignee any obligation of the lender with respect to events occurring before the assignment. (2) A loan, refinancing, or consolida…

"Revolving loan account" means an open-end credit plan between a lender and a debtor under (1) which the lender reasonably contemplates repeated transactions, which prescribes the terms of such transactions, and pursuant to which the lender will permit the debtor to obtain loans …

(1) (a) "Loan finance charge" means a finance charge composed of the sum of: (i) all charges payable directly or indirectly by the debtor and imposed directly or indirectly by the lender as an incident to the extension of credit, including any of the following types of charges, w…

supervised loans. (1) With respect to a consumer loan other than a supervised loan (Section 3-501), a lender may contract for and receive a loan finance charge, calculated according to the actuarial method, not exceeding ten percent (10%) per year on the unpaid balances of the pr…

(1) In addition to the loan finance charge permitted by this part, a lender may contract for and receive the following additional charges in connection with a consumer loan: (a) official fees that are itemized and disclosed in accordance with rules of the Administrator, reasonabl…

withdrawal or share draft - Fee. The lender of a consumer loan may charge and collect from the debtor a fee for each return by a bank or other depository institution of a dishonored check, negotiable order of withdrawal or share draft issued by the debtor in connection with the c…

(1) With respect to a precomputed consumer loan, refinancing, or consolidation, the parties may contract for a delinquency charge on any installment not paid in full within ten (10) days after its scheduled due date in an amount not less than Five Dollars ($5.00) nor more than an…

Contract for delinquency charges. With respect to a revolving loan account or other similar arrangement which may be used by the debtor exclusively for the purpose of obtaining credit to finance medical goods and services, the parties may contract for a delinquency charge on any …

charges. With respect to a consumer revolving loan account accessed by a lender credit card or similar arrangement, the lender may contract for and receive the following charges, in addition to those set forth in Section 3-202 of this title: (a) A delinquency charge with respect …

(1) With respect to any consumer loan, refinancing, or consolidation, the parties before or after default may agree in writing to a deferral of all or part of one or more unpaid installments. (2) With respect to a consumer loan, refinancing, or consolidation, which is not precomp…

With respect to a consumer loan, refinancing, or consolidation, other than one made under Section 3-508B of this title, the lender may by agreement with the debtor refinance the unpaid balance and may contract for and receive a loan finance charge based on the principal resulting…

(1) If a debtor owes an unpaid balance to a lender with respect to a consumer loan, refinancing, or consolidation, other than one made under Section 3-508B of this title, and becomes obligated on another consumer loan, refinancing, or consolidation with the same lender, the parti…

The parties may agree to add to a revolving loan account the unpaid balance of a consumer loan, not made pursuant to a revolving loan account, or a refinancing, or consolidation thereof, or the unpaid balance of a consumer credit sale, refinancing, or consolidation. For the purpo…

(1) If the agreement with respect to a consumer loan, refinancing, or consolidation contains covenants by the debtor to perform certain duties pertaining to insuring or preserving collateral and if the lender pursuant to the agreement pays for performance of the duties on behalf …