16a-3-308.   (UCCC) Balloon payments.With respect to a consumer credit transaction, other than onepursuant toopen end credit if anyscheduled payment is more than twice as large as the average of earlierscheduled payments, the consumer has the right to refinance the amountof that payment at the time it is due without penalty. The terms of therefinancing shall be no less favorable to the consumer than the terms ofthe original transaction. These provisions do not apply to the extentthat the payment schedule is adjusted to the seasonal or irregularincome of the consumer or to a note secured by a real estate mortgage.

      History:   L. 1973, ch. 85, § 54; L. 1981, ch. 93, § 10;L. 1991, ch. 73, § 1;L. 2002, ch. 125, § 1;L. 2009, ch. 29, § 20; July 1.