§14A-2-207. Credit service charge for revolving charge accounts.
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/ok/title-14a-consumer-credit-code/14a-2-207A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(1)With respect to a consumer credit sale made pursuant to a revolving charge account, the parties to the sale may contract for
the payment by the buyer of a credit service charge not exceeding that permitted in this section.
(2)A charge may be made in each billing cycle which is a percentage of an amount no greater than
(a)the average daily balance of the account;
(b)the unpaid balance of the account on the same day of
the billing cycle; or
(c)the median amount within a specified range within
which the average daily balance of the account or the
unpaid balance of the account on the same day of the
billing cycle is included. A charge may be made
pursuant to this paragraph only if the seller, subject
to classifications and differentiations he may
reasonably establish, makes the same charge on all
balances within the specified range and if the
percentage when applied to the median amount within
the range does not produce a charge exceeding the
charge resulting from applying that percentage to the
lowest amount within the range by more than eight
percent (8%) of the charge on the median amount.
(3)If the billing cycle is monthly, the charge may not exceed one and three-fourths percent (1 3/4%). If the billing cycle is not monthly, the maximum charge is that percentage which bears the same relation to the applicable monthly percentage as the number of days in the billing cycle bears to thirty (30). For the purposes of this section, a variation of not more than four
(4)days from month to month is "the same day of the billing cycle".
(4)Notwithstanding subsection (3), if there is an unpaid balance on the date as of which the credit service charge is applied, the seller may contract for and receive a charge not exceeding fifty cents ($0.50), if the billing cycle is monthly or longer, or the pro rata part of fifty cents ($0.50) which bears the same relation to fifty cents ($0.50) as the number of days in the billing cycle bears to thirty (30), if the billing cycle is shorter than monthly. Added by Laws 1969, c. 352, § 2-207, eff. July 1, 1969. Amended by Laws 1981, c. 177, § 2.