16a-2-504.   (UCCC) Finance charge on refinancing.With respect to a consumer credit transaction, the creditor may byagreement with the consumer refinance the unpaid balance and maycontract for and receive a finance charge based on the amount financedresulting from the refinancing at a rate not exceeding that permitted bythe provisions on finance charge for consumer credit sales other thanopen end credit (section 16a-2-201) if a consumer credit sale isrefinanced, or for consumer loans (subsections (1) or (2) of section16a-2-401, whichever is appropriate) if a consumer loan is refinanced.For the purpose of determining the finance charge permitted, the amountfinanced resulting from the refinancing shall be comprised of thetotal of the unpaidbalance and the accrued charges on the date of the refinancing.

      History:   L. 1973, ch. 85, § 32;L. 1993, ch. 200, § 9; Jan. 1, 1994.