Section 12-506.1 – Credit Balances
(a) In this section “credit balance” means a balance on an open end retail credit account which indicates that the buyer has made payments or obtained refunds in excess of charges, resulting in a credit due to the buyer. (b) If there is a credit balance in excess of $1 on any retail credit account: (1) The holder […]
Section 12-605 – Delivery of Installment Sale Agreement and Receipt; Right to Cancel
(a) (1) At or before the time the buyer signs an installment sale agreement, the seller shall deliver to him an exact copy of it. (2) If the seller does not sign the copy, and if, within 15 days after the buyer signs the installment sale agreement, the seller does not deliver to the buyer a copy of […]
Section 12-506.2 – Limitations Upon Changes in Rate Applicable to Open End Account
Changes in the rate applicable to an open end account, including a credit card plan which provides for sales, cash advances, or both, are limited as follows: (1) Any balance existing before July 1, 1982 is to be repaid at the then applicable rate of interest or finance charge regardless of any subsequent increase in the […]
Section 12-606 – Disclosures Required in Installment Sale Agreement
(a) An installment sale agreement shall: (1) State the full name, place of residence, and post office address of each party to it; (2) State the date when signed by the buyer; and (3) Contain a clear description of the goods sold sufficient to identify them readily. (b) An installment sale agreement also shall state in simple tabular form the […]
Section 12-507 – Note Taken as Part of Account
(a) If, as part of a retail credit account, a promissory note is taken by the seller or financial institution, the note shall refer to the account out of which it arises. (b) The note may not contain a confession of judgment or any power of attorney to appear for the buyer or for any surety or […]
Section 12-607 – Provisions Not Allowed in Instruments
(a) A holder may not take or receive any instrument from a buyer or a surety for a buyer, which contains: (1) Except as provided in subsection (b) of this section, any blank space to be filled in after the instrument is signed by a party to it; (2) A confession of judgment or any power of attorney […]
Section 12-508 – Attorney’s Fees
If a retail credit account agreement provides for the payment of attorney’s fees, that provision may permit the holder only to receive reasonable attorney’s fees to be set by a court in the event of the filing of suit.
Section 12-509 – Discount to Consumer Paying Cash
Notwithstanding any agreement to the contrary between a seller and the issuer of a credit card, the seller is permitted to offer a cash discount to consumers who pay cash instead of using the credit card.
Section 12-510 – Failure to Answer Status Inquiry
If a buyer inquires in writing about the status of his account and the holder fails to answer the inquiry in clear and definite terms within 60 days after receiving it, the buyer is not required to pay a finance charge for that 60-day period or for any further period during which the holder fails […]
Section 12-511 – Billing Statement Inquiry
(a) In this section, “billing error” means the initial occurrence of an error in a billing statement given to a buyer by the holder of an account, which error results from: (1) An omission or commission by the holder in posting any debit or credit; (2) The computation of any amount; or (3) Any similar error of an accounting […]