§478-11.5  Credit cards.  (a)  With
regard to every credit card issuer wherever located and a customer who is a
resident of this State and who is given the opportunity to enter into a credit
card plan, every solicitation and application for the credit card plan shall
set forth all of the following:



(1)  The initial simple interest numerical periodic
rate and any fee or charge payable by the cardholder, directly or indirectly,
as an incident to or a condition of the extension of credit, or if the rate or
fee may vary, a statement that it may do so and the circumstances under which
it may increase and the effects of the increase;



(2)  The date or occasion upon which the interest
begins to accrue;



(3)  Whether any annual fee is charged and the amount
of the fee;



(4)  Any minimum, fixed, transaction, activity, or
similar charge that could be imposed; and



(5)  That charges incurred by the use of a charge card
are due and payable upon receipt of a periodic statement of charges, if
applicable.  For purposes of this paragraph, the term "charge card"
means any card, plate, or other device pursuant to which the charge card issuer
extends credit that is not subject to a finance charge and where the charge
cardholder cannot automatically access credit that is repayable in
installments.



(b)  With respect to any credit card agreement,
in no case shall it be deemed unlawful to stipulate by written contract for any
amount of interest, except that the simple interest numerical periodic rate
shall not exceed eighteen per cent per year.  Prior to charging any fee or
charge, the credit card issuer shall disclose the fee or charge to the credit
cardholder in the credit card agreement or in an amendment to the credit card
agreement.



As used in this subsection,
"interest" means the simple interest numerical periodic rate and any
other fee, charge, or payment, directly or indirectly charged or received as an
incident to or a condition of an extension of credit under a credit card
agreement, including but not limited to:



(1)  A currency exchange conversion fee;



(2)  A late fee;



(3)  A creditor-imposed "not sufficient
funds" fee charged when a borrower tenders payment on a debt with a check
drawn on insufficient funds;



(4)  An over-the-credit limit fee;



(5)  An annual fee or other periodic membership fee;



(6)  A balance transfer fee;



(7)  A cash advance fee; or



(8)  A minimum finance charge. [L 1987, c 206, §1; am
L 2006, c 307, §2]