54-3A-1. Definition of terms. Terms used in this chapter mean: (1)”Cash sale price,” the price for which the person making a sale pursuant to an installment sales contract would have sold the goods or services if the sale had been for cash. The cash sale price may include any taxes or license, title, and registration […]
54-3A-10. Rebate on acceleration of maturity. If the maturity of an obligation under an installment sales contract is accelerated for any reason and judgment is obtained, the consumer is entitled to a rebate computed as if payment in full had been made on the date that the action was brought. Source: SL 1974, ch 305, […]
54-3A-11. Delinquent installments–Notice of penalty to consumer. If the buyer has not paid an installment on an installment sales contract on or before the tenth day after its due date, as originally scheduled or as deferred, the creditor, if he chooses to impose a penalty for the delinquency, shall before the due date of the […]
54-3A-12. Imposition and collection of delinquency charge. The holder of a contract authorized by this chapter may, if the contract so provides, collect a delinquency and collection charge on each installment in arrears for a period of not less than ten days in an amount not in excess of five percent of each installment or […]
54-3A-12.1. Imposition and collection of returned check charge–Maximum. The holder of a contract authorized by this chapter may, if the contract so provides, collect a charge not to exceed thirty dollars for each check, draft, order of withdrawal, or similar payment device that is received by the holder in connection with the contract and that […]
54-3A-14. Unilateral deferral by creditor prohibited. No term of a writing executed by the buyer prior to agreement to a deferral constitutes authority for a creditor unilaterally to grant a deferral and make charges therefor. Source: SL 1974, ch 305, §12; SL 1990, ch 30, §14.
54-3A-15. Deferral agreement requirements. A deferral agreement shall: (1)Be in writing and be signed by the parties; (2)Incorporate by reference the transaction to which the deferral agreement applies; (3)State the number of installments or partial installments to be deferred, the amounts thereof, the date or dates originally payable and the date or dates to which […]
54-3A-16. Deferral charge not collected on refinancing. A charge may not be collected for the deferral of an installment payment or any part thereof if the unpaid balance is refinanced. Source: SL 1974, ch 305, §12.
54-3A-17. Refinancing agreement–Rebate excluded. A creditor may, by written agreement with the buyer, refinance the unpaid balance and may contract for and receive a finance charge based on the amount refinanced. Any rebate due to the buyer pursuant to the provisions of §54-3A-9 if the buyer was prepaying in full on the date of the […]
54-3A-18. Refinancing agreement requirements. A refinancing agreement shall: (1)Be in writing and be signed by the parties; (2)Incorporate by reference the transaction to which the refinancing agreement applies; (3)State the amount that is to be refinanced, the date or dates on which the installments were originally payable and the date or dates on which they […]
54-3A-19. Creditor’s remedies on delinquency. If a delinquent installment is not deferred or the unpaid balance is not refinanced under the provisions of this chapter within thirty days after the due date of the delinquent installment, then the creditor may pursue any remedies available to him. Source: SL 1974, ch 305, §15; SL 1975, ch […]
54-3A-2. Items included in amount financed. As used in this chapter, unless the context otherwise requires, “amount financed” means the total of the following items from which any prepaid finance charge or required deposit has been excluded: (1)The cash price of the goods or services less the total amount of any down payment whether made […]
54-3A-20. Debt forfeited for excessive charges–Costs and attorney fees. If any amount in excess of the charges permitted by this chapter is contracted for or received, or if any other provision of this chapter is violated, other than as a result of an unintentional or bona fide error of computation, the consumer shall not be […]
54-3A-21. Limitation on action for excessive charges. With respect to excess charges arising from an installment sales contract, no action pursuant to §54-3A-20 may be brought more than three years after the due date of the last scheduled payment of the contract on which the charge was made. Source: SL 1974, ch 305, §17.
54-3A-22. Demand required before action for excessive charges. No action shall be commenced to recover any amount under §54-3A-20 unless and until written demand therefor has been made, signed by the buyer, and the creditor has failed to refund or credit such amount to the buyer within sixty days after receipt of the demand. Source: […]
54-3A-23. Proof of unintentional error. The creditor shall have the burden of establishing by a preponderance of the evidence that the excess amount or other violation occurred as a result of an unintentional or bona fide error of computation. Source: SL 1974, ch 305, §16.
54-3A-24. Promulgation of rules. The Department of Labor and Regulation may promulgate rules and regulations to carry out the provisions of this chapter. Such rules and regulations shall be promulgated in accordance with chapter 1-26. Source: SL 1974, ch 305, §18; SL 2004, ch 17, §304; SL 2011, ch 1 (Ex. Ord. 11-1), §162, eff. […]
54-3A-25. Severability of provisions. If any part of this chapter is invalid, all valid parts that are severable from the invalid part shall remain in effect. If any part of this chapter is invalid in one or more of its applications, the parts that are severable from the invalid applications shall remain in effect in […]
54-3A-3. Finance charges on installment sales contract. Notwithstanding the provisions of any other law, a creditor may contract for and receive, pursuant to an installment sales contract, a finance charge at a rate as agreed upon by the creditor and the consumer by written agreement. The finance charge is expressed and compounded in the same […]
54-3A-5. Additional charges allowed–Disclosure and explanation to consumer–Separate agreement. In addition to the finance charge, a creditor may contract for, and receive the following additional charges in connection with an installment sales contract if such charges are itemized and disclosed to the buyer: (1)Official fees and taxes; (2)Charges for guaranteed asset protection waivers, or credit […]
