§14A-2-111. Definition: "Amount financed".

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A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

"Amount financed" means the total of the following items to the extent that payment is deferred:

(1)the cash price of the goods, services, or interest in land, less the amount of any down payment whether made in cash or in property traded in;

(2)the amount actually paid or to be paid by the seller pursuant to an agreement with the buyer to discharge a security interest in or a lien on property traded in; and

(3)if not included in the cash price

(a)any applicable sales, use, or excise and documentary

stamp taxes;

(b)amounts actually paid or to be paid by the seller for

registration, certificate of title, or license fees;

and

(c)additional charges permitted by this article (Section

2-202). Added by Laws 1969, c. 352, § 2-111, eff. July 1, 1969.