16a-2-402.   (UCCC) Consumer loans pursuant to openend credit; allowable charges per billing cycle.(1) This section applies onlyto consumer loans pursuant to open end credit.

      (2)   A charge may be made in each billing cycle which is a percentage ofan amount no greater than:

      (a)   The average daily balance of the account, which is the sum of theactual amounts outstanding each day during the billing cycle divided by thenumber of days in the cycle;

      (b)   the unpaid balance of the account on the last day of the billingcycle.

      (3)   If the billing cycle is monthly, the charge may not exceed 1/12 ofthe annual rate agreed to by the consumer.If the billing cycle is not monthly, the maximum charge is that percentagewhich bears the same relation to the applicable monthly percentage as thenumber of days in the billing cycle bears to 30. Forthe purposesof this section, a variation of not more than four days from monthtomonth is "the last day of the billing cycle."

      History:   L. 1973, ch. 85, § 28;L. 1999, ch. 107, § 16; July 1.