16a-2-104. (UCCC) Payment credit date.
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/ks/16a-2-104A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
16a-2-104.
(UCCC)Payment credit date.
(1)A creditor shall credit a payment to the consumer's account on the date of receipt, except when a delay in crediting does not result in a finance charge or other charge.
(2)Notwithstanding subsection (1), if a creditor specifies, in a writing delivered to the consumer, reasonable requirements for the consumer to follow in making payments, but accepts a payment that does not conform to those requirements, then the creditor shall credit the payment within five days after receipt.