CHAPTER 51-14REVOLVING CHARGE ACCOUNTS51-14-01. Definitions. In this chapter, unless the context otherwise requires:1."Credit service charge" means the amount, however expressed, which the retail<br>buyer contracts to pay or pays the retail seller in excess of the amount of credit<br>extended, representing the total charges by the retail seller incident to investigating<br>and extending credit under a revolving charge agreement and for extending to the<br>retail buyer the privilege of paying over a period of time therefor.2."Retail buyer" or "buyer" means a person who buys personal property from a retail<br>seller, or to whom a retail seller otherwise extends credit, pursuant to a revolving<br>charge agreement.3."Retail seller" or "seller" means:a.A person that pursuant to a revolving charge agreement, agrees to sell or sells<br>goods or services, other than medical services. The term does not include a<br>medical services provider.b.A state-chartered or national bank that extends credit by the advancement of<br>moneys or the payment for goods or services under a revolving charge<br>agreement.4."Revolving charge agreement" means a written instrument, defining the terms of<br>credit extended from time to time under the terms of the agreement. Under the<br>agreement, the buyer's total unpaid balance, whenever incurred, is payable over a<br>period of time and under the terms of which a credit service charge, other than the<br>portion thereof consisting of late payment or other charges, is to be computed in<br>relation to the buyer's unpaid balance from time to time.51-14-02. Contents of revolving charge agreements - Requirements for delivery ofmonthly statements - Exception. Every revolving charge agreement must be in writing and<br>must be accepted by the retail buyer. As used in this section, "accepted" means the buyer has<br>signed the revolving charge agreement, the buyer has used the account issued under a revolving<br>charge agreement, or within thirty days from the date of issuance the buyer has not canceled by<br>written notice a credit card or other access device issued under a revolving charge agreement. A<br>copy of the revolving charge agreement must be delivered or mailed to the retail buyer by the<br>retail seller before the date on which the first payment is due under the agreement. A revolving<br>charge agreement must state the amount and rate of the credit service charge to be charged and<br>paid under the agreement. The credit service charge, exclusive of late payment or other fees<br>included therein, must be set forth in the revolving charge agreement in terms of a monthly or<br>annual percentage rate to be applied to the balance outstanding from time to time under the<br>agreement, as of the beginning or end of each billing period or on a daily basis. Upon written<br>notice, a seller may change the terms of any revolving charge agreement, including the credit<br>service charge, if this right of amendment has been reserved. A change under this authority is<br>effective as to existing balances, if within twenty-five days of the effective date of the change, the<br>buyer does not furnish written notice to the seller that the buyer does not agree to abide by the<br>changes. Upon receipt of this written notice by the seller, the buyer has the remainder of the<br>time under the existing terms in which to pay all sums owed to the seller.Any request foradditional credit under a revolving charge agreement, including use of a credit card issued under<br>the agreement, after the effective date of the change of terms, including a change in the credit<br>service charge, is deemed to be an acceptance of the new terms, even though the twenty-five<br>days has not expired. The retail seller under a revolving charge agreement shall promptly supply<br>the retail buyer under the agreement with a statement as of the end of each monthly period or<br>other regular period agreed upon by the retail seller and the retail buyer, in which there is any<br>unpaid balance thereunder. Such statement must recite the following:Page No. 11.The unpaid balance under the revolving charge agreement at the beginning or end<br>of the period.2.An identification of the goods or services purchased, the cash purchase price and<br>the date of each purchase, unless otherwise furnished by the retail seller to the retail<br>buyer by sales slip, memorandum, or otherwise.3.The payments made by the retail buyer to the retail seller and any other credits to<br>the retail buyer during the period.4.The amount of the credit service charge, if any, and also the percentage annual<br>simple interest equivalent of this amount.5.A legend to the effect that the retail buyer may at any time pay the total<br>indebtedness.The items need not be stated in the sequence or order set forth in this section. Additional items<br>may be included to explain the computations made in determining the amount to be paid by the<br>retail buyer. If a revolving charge or credit account is also subject to the Truth in Lending Act [15<br>U.S.C. 1601-1667e], the seller may, instead of complying with this section, comply with all<br>requirements of the Truth in Lending Act.51-14-03. Limitation of credit service charge. In a revolving charge agreement, aseller may contract for and, if so contracted for, the seller or holder of the agreement may<br>charge, receive, and collect the service charge authorized by this section. The service charge<br>may not exceed the amount agreed to by the parties. In the event any payment by a buyer is<br>insufficient to pay both the credit service charge and that portion of the outstanding indebtedness<br>then due, the payments must first be applied to the credit service charge then due.51-14-03.1. Additional charges on revolving charge accounts. The seller or holder ofa revolving charge account may collect a late payment or other charge not to exceed the amount<br>agreed to by the parties in the revolving charge account agreement.51-14-03.2. Application of other provisions. Credit extended by a seller or holder of arevolving charge agreement to a buyer is not subject to chapter 13-04.1 or 47-14.51-14-04. Scope of chapter - Effective date. The service charge allowed in section51-14-03 shall be allowed to a seller or holder only:1.If the seller enters into an agreement subject to the provisions of this chapter with<br>any buyer on or after July 1, 1959; or2.In the case of any buyer who had entered into an agreement with a seller prior to<br>July 1, 1959, if the seller or holder delivers or mails to the buyer a copy of a retail<br>installment credit agreement in conformity with this chapter duly executed on behalf<br>of the seller and the seller or holder thereafter complies with all the other provisions<br>of this chapter.Nothing in this section contained may be construed to affect the validity or invalidity of any<br>agreement or alleged agreement made prior to July 1, 1959.51-14-05. Penalty. Any person who violates any provision of this chapter is guilty of aclass A misdemeanor. Any revolving charge account or any act in the making or collection of<br>any revolving charge account which violates the provisions of this chapter shall result in the<br>forfeiture of all credit service charges that have been paid or that may become due or payable<br>thereunder, and in the event that such violation is willful, the retail seller shall have no right to<br>collect, receive, or retain any principal, credit service charge, interest, or other charge<br>whatsoever.Page No. 2Document Outlinechapter 51-14 revolving charge accounts
CHAPTER 51-14REVOLVING CHARGE ACCOUNTS51-14-01. Definitions. In this chapter, unless the context otherwise requires:1."Credit service charge" means the amount, however expressed, which the retail<br>buyer contracts to pay or pays the retail seller in excess of the amount of credit<br>extended, representing the total charges by the retail seller incident to investigating<br>and extending credit under a revolving charge agreement and for extending to the<br>retail buyer the privilege of paying over a period of time therefor.2."Retail buyer" or "buyer" means a person who buys personal property from a retail<br>seller, or to whom a retail seller otherwise extends credit, pursuant to a revolving<br>charge agreement.3."Retail seller" or "seller" means:a.A person that pursuant to a revolving charge agreement, agrees to sell or sells<br>goods or services, other than medical services. The term does not include a<br>medical services provider.b.A state-chartered or national bank that extends credit by the advancement of<br>moneys or the payment for goods or services under a revolving charge<br>agreement.4."Revolving charge agreement" means a written instrument, defining the terms of<br>credit extended from time to time under the terms of the agreement. Under the<br>agreement, the buyer's total unpaid balance, whenever incurred, is payable over a<br>period of time and under the terms of which a credit service charge, other than the<br>portion thereof consisting of late payment or other charges, is to be computed in<br>relation to the buyer's unpaid balance from time to time.51-14-02. Contents of revolving charge agreements - Requirements for delivery ofmonthly statements - Exception. Every revolving charge agreement must be in writing and<br>must be accepted by the retail buyer. As used in this section, "accepted" means the buyer has<br>signed the revolving charge agreement, the buyer has used the account issued under a revolving<br>charge agreement, or within thirty days from the date of issuance the buyer has not canceled by<br>written notice a credit card or other access device issued under a revolving charge agreement. A<br>copy of the revolving charge agreement must be delivered or mailed to the retail buyer by the<br>retail seller before the date on which the first payment is due under the agreement. A revolving<br>charge agreement must state the amount and rate of the credit service charge to be charged and<br>paid under the agreement. The credit service charge, exclusive of late payment or other fees<br>included therein, must be set forth in the revolving charge agreement in terms of a monthly or<br>annual percentage rate to be applied to the balance outstanding from time to time under the<br>agreement, as of the beginning or end of each billing period or on a daily basis. Upon written<br>notice, a seller may change the terms of any revolving charge agreement, including the credit<br>service charge, if this right of amendment has been reserved. A change under this authority is<br>effective as to existing balances, if within twenty-five days of the effective date of the change, the<br>buyer does not furnish written notice to the seller that the buyer does not agree to abide by the<br>changes. Upon receipt of this written notice by the seller, the buyer has the remainder of the<br>time under the existing terms in which to pay all sums owed to the seller.Any request foradditional credit under a revolving charge agreement, including use of a credit card issued under<br>the agreement, after the effective date of the change of terms, including a change in the credit<br>service charge, is deemed to be an acceptance of the new terms, even though the twenty-five<br>days has not expired. The retail seller under a revolving charge agreement shall promptly supply<br>the retail buyer under the agreement with a statement as of the end of each monthly period or<br>other regular period agreed upon by the retail seller and the retail buyer, in which there is any<br>unpaid balance thereunder. Such statement must recite the following:Page No. 11.The unpaid balance under the revolving charge agreement at the beginning or end<br>of the period.2.An identification of the goods or services purchased, the cash purchase price and<br>the date of each purchase, unless otherwise furnished by the retail seller to the retail<br>buyer by sales slip, memorandum, or otherwise.3.The payments made by the retail buyer to the retail seller and any other credits to<br>the retail buyer during the period.4.The amount of the credit service charge, if any, and also the percentage annual<br>simple interest equivalent of this amount.5.A legend to the effect that the retail buyer may at any time pay the total<br>indebtedness.The items need not be stated in the sequence or order set forth in this section. Additional items<br>may be included to explain the computations made in determining the amount to be paid by the<br>retail buyer. If a revolving charge or credit account is also subject to the Truth in Lending Act [15<br>U.S.C. 1601-1667e], the seller may, instead of complying with this section, comply with all<br>requirements of the Truth in Lending Act.51-14-03. Limitation of credit service charge. In a revolving charge agreement, aseller may contract for and, if so contracted for, the seller or holder of the agreement may<br>charge, receive, and collect the service charge authorized by this section. The service charge<br>may not exceed the amount agreed to by the parties. In the event any payment by a buyer is<br>insufficient to pay both the credit service charge and that portion of the outstanding indebtedness<br>then due, the payments must first be applied to the credit service charge then due.51-14-03.1. Additional charges on revolving charge accounts. The seller or holder ofa revolving charge account may collect a late payment or other charge not to exceed the amount<br>agreed to by the parties in the revolving charge account agreement.51-14-03.2. Application of other provisions. Credit extended by a seller or holder of arevolving charge agreement to a buyer is not subject to chapter 13-04.1 or 47-14.51-14-04. Scope of chapter - Effective date. The service charge allowed in section51-14-03 shall be allowed to a seller or holder only:1.If the seller enters into an agreement subject to the provisions of this chapter with<br>any buyer on or after July 1, 1959; or2.In the case of any buyer who had entered into an agreement with a seller prior to<br>July 1, 1959, if the seller or holder delivers or mails to the buyer a copy of a retail<br>installment credit agreement in conformity with this chapter duly executed on behalf<br>of the seller and the seller or holder thereafter complies with all the other provisions<br>of this chapter.Nothing in this section contained may be construed to affect the validity or invalidity of any<br>agreement or alleged agreement made prior to July 1, 1959.51-14-05. Penalty. Any person who violates any provision of this chapter is guilty of aclass A misdemeanor. Any revolving charge account or any act in the making or collection of<br>any revolving charge account which violates the provisions of this chapter shall result in the<br>forfeiture of all credit service charges that have been paid or that may become due or payable<br>thereunder, and in the event that such violation is willful, the retail seller shall have no right to<br>collect, receive, or retain any principal, credit service charge, interest, or other charge<br>whatsoever.Page No. 2Document Outlinechapter 51-14 revolving charge accounts
CHAPTER 51-14REVOLVING CHARGE ACCOUNTS51-14-01. Definitions. In this chapter, unless the context otherwise requires:1."Credit service charge" means the amount, however expressed, which the retail<br>buyer contracts to pay or pays the retail seller in excess of the amount of credit<br>extended, representing the total charges by the retail seller incident to investigating<br>and extending credit under a revolving charge agreement and for extending to the<br>retail buyer the privilege of paying over a period of time therefor.2."Retail buyer" or "buyer" means a person who buys personal property from a retail<br>seller, or to whom a retail seller otherwise extends credit, pursuant to a revolving<br>charge agreement.3."Retail seller" or "seller" means:a.A person that pursuant to a revolving charge agreement, agrees to sell or sells<br>goods or services, other than medical services. The term does not include a<br>medical services provider.b.A state-chartered or national bank that extends credit by the advancement of<br>moneys or the payment for goods or services under a revolving charge<br>agreement.4."Revolving charge agreement" means a written instrument, defining the terms of<br>credit extended from time to time under the terms of the agreement. Under the<br>agreement, the buyer's total unpaid balance, whenever incurred, is payable over a<br>period of time and under the terms of which a credit service charge, other than the<br>portion thereof consisting of late payment or other charges, is to be computed in<br>relation to the buyer's unpaid balance from time to time.51-14-02. Contents of revolving charge agreements - Requirements for delivery ofmonthly statements - Exception. Every revolving charge agreement must be in writing and<br>must be accepted by the retail buyer. As used in this section, "accepted" means the buyer has<br>signed the revolving charge agreement, the buyer has used the account issued under a revolving<br>charge agreement, or within thirty days from the date of issuance the buyer has not canceled by<br>written notice a credit card or other access device issued under a revolving charge agreement. A<br>copy of the revolving charge agreement must be delivered or mailed to the retail buyer by the<br>retail seller before the date on which the first payment is due under the agreement. A revolving<br>charge agreement must state the amount and rate of the credit service charge to be charged and<br>paid under the agreement. The credit service charge, exclusive of late payment or other fees<br>included therein, must be set forth in the revolving charge agreement in terms of a monthly or<br>annual percentage rate to be applied to the balance outstanding from time to time under the<br>agreement, as of the beginning or end of each billing period or on a daily basis. Upon written<br>notice, a seller may change the terms of any revolving charge agreement, including the credit<br>service charge, if this right of amendment has been reserved. A change under this authority is<br>effective as to existing balances, if within twenty-five days of the effective date of the change, the<br>buyer does not furnish written notice to the seller that the buyer does not agree to abide by the<br>changes. Upon receipt of this written notice by the seller, the buyer has the remainder of the<br>time under the existing terms in which to pay all sums owed to the seller.Any request foradditional credit under a revolving charge agreement, including use of a credit card issued under<br>the agreement, after the effective date of the change of terms, including a change in the credit<br>service charge, is deemed to be an acceptance of the new terms, even though the twenty-five<br>days has not expired. The retail seller under a revolving charge agreement shall promptly supply<br>the retail buyer under the agreement with a statement as of the end of each monthly period or<br>other regular period agreed upon by the retail seller and the retail buyer, in which there is any<br>unpaid balance thereunder. Such statement must recite the following:Page No. 11.The unpaid balance under the revolving charge agreement at the beginning or end<br>of the period.2.An identification of the goods or services purchased, the cash purchase price and<br>the date of each purchase, unless otherwise furnished by the retail seller to the retail<br>buyer by sales slip, memorandum, or otherwise.3.The payments made by the retail buyer to the retail seller and any other credits to<br>the retail buyer during the period.4.The amount of the credit service charge, if any, and also the percentage annual<br>simple interest equivalent of this amount.5.A legend to the effect that the retail buyer may at any time pay the total<br>indebtedness.The items need not be stated in the sequence or order set forth in this section. Additional items<br>may be included to explain the computations made in determining the amount to be paid by the<br>retail buyer. If a revolving charge or credit account is also subject to the Truth in Lending Act [15<br>U.S.C. 1601-1667e], the seller may, instead of complying with this section, comply with all<br>requirements of the Truth in Lending Act.51-14-03. Limitation of credit service charge. In a revolving charge agreement, aseller may contract for and, if so contracted for, the seller or holder of the agreement may<br>charge, receive, and collect the service charge authorized by this section. The service charge<br>may not exceed the amount agreed to by the parties. In the event any payment by a buyer is<br>insufficient to pay both the credit service charge and that portion of the outstanding indebtedness<br>then due, the payments must first be applied to the credit service charge then due.51-14-03.1. Additional charges on revolving charge accounts. The seller or holder ofa revolving charge account may collect a late payment or other charge not to exceed the amount<br>agreed to by the parties in the revolving charge account agreement.51-14-03.2. Application of other provisions. Credit extended by a seller or holder of arevolving charge agreement to a buyer is not subject to chapter 13-04.1 or 47-14.51-14-04. Scope of chapter - Effective date. The service charge allowed in section51-14-03 shall be allowed to a seller or holder only:1.If the seller enters into an agreement subject to the provisions of this chapter with<br>any buyer on or after July 1, 1959; or2.In the case of any buyer who had entered into an agreement with a seller prior to<br>July 1, 1959, if the seller or holder delivers or mails to the buyer a copy of a retail<br>installment credit agreement in conformity with this chapter duly executed on behalf<br>of the seller and the seller or holder thereafter complies with all the other provisions<br>of this chapter.Nothing in this section contained may be construed to affect the validity or invalidity of any<br>agreement or alleged agreement made prior to July 1, 1959.51-14-05. Penalty. Any person who violates any provision of this chapter is guilty of aclass A misdemeanor. Any revolving charge account or any act in the making or collection of<br>any revolving charge account which violates the provisions of this chapter shall result in the<br>forfeiture of all credit service charges that have been paid or that may become due or payable<br>thereunder, and in the event that such violation is willful, the retail seller shall have no right to<br>collect, receive, or retain any principal, credit service charge, interest, or other charge<br>whatsoever.Page No. 2Document Outlinechapter 51-14 revolving charge accounts
