Part 2 CONSUMER CREDIT SALES; MAXIMUM FINANCE CHARGES
Article 2.--FINANCE CHARGES AND RELATED PROVISIONS
16a-2-202.Finance charge for consumer credit sales
pursuant
to open end credit.
(1) With respect to a consumer credit sale made pursuant to open end
credit, a
seller may charge a finance charge at any rate agreed to by the parties.
(2) A charge may be made in each billing cycle which is a percentage
of an amount no greater than:
(a) The average daily balance of the account, which is the sum of
the actual amounts outstanding each day during the billing cycle divided
by the number of days in the cycle;
(b) the unpaid balance of the account on the last day of the billing
cycle.
(3) If the billing cycle is monthly, the charges may not exceed 1/12 of
the annual rate agreed to by the consumer. If the billing cycle is not monthly,
the maximum charge is that percentage which bears the same relation to the
applicable monthly percentage as the number of days in the billing cycle bears
to 30. For purposes of this subsection, a variation of not more than four days
from month to month is "the last day of the billing cycle."
(4) For any period in which a finance charge is due, the parties may agree on
a minimum amount.
(5) This section does not apply to a sale of an interest in land. Subsection
(11) of K.S.A. 16a-2-401, and amendments thereto, governs the limitations on
finance charges for a contract for deed to real estate where the parties agree
in writing to make the transaction subject to the uniform consumer credit
code.
History: L. 1973, ch. 85, § 17; L. 1980, ch. 77, § 2; L. 1981,
ch. 94, § 2; L. 1982, ch. 93, § 2; L. 1983, ch. 79, § 2;
L. 1985, ch. 82, § 2;
L. 1988, ch. 85, § 4; L. 1988, ch. 86, § 2;
L. 1997, ch. 90, § 2;
L. 1999, ch. 107, § 11; July 1.
Part 2 CONSUMER CREDIT SALES; MAXIMUM FINANCE CHARGES
Article 2.--FINANCE CHARGES AND RELATED PROVISIONS
16a-2-202.Finance charge for consumer credit sales
pursuant
to open end credit.
(1) With respect to a consumer credit sale made pursuant to open end
credit, a
seller may charge a finance charge at any rate agreed to by the parties.
(2) A charge may be made in each billing cycle which is a percentage
of an amount no greater than:
(a) The average daily balance of the account, which is the sum of
the actual amounts outstanding each day during the billing cycle divided
by the number of days in the cycle;
(b) the unpaid balance of the account on the last day of the billing
cycle.
(3) If the billing cycle is monthly, the charges may not exceed 1/12 of
the annual rate agreed to by the consumer. If the billing cycle is not monthly,
the maximum charge is that percentage which bears the same relation to the
applicable monthly percentage as the number of days in the billing cycle bears
to 30. For purposes of this subsection, a variation of not more than four days
from month to month is "the last day of the billing cycle."
(4) For any period in which a finance charge is due, the parties may agree on
a minimum amount.
(5) This section does not apply to a sale of an interest in land. Subsection
(11) of K.S.A. 16a-2-401, and amendments thereto, governs the limitations on
finance charges for a contract for deed to real estate where the parties agree
in writing to make the transaction subject to the uniform consumer credit
code.
History: L. 1973, ch. 85, § 17; L. 1980, ch. 77, § 2; L. 1981,
ch. 94, § 2; L. 1982, ch. 93, § 2; L. 1983, ch. 79, § 2;
L. 1985, ch. 82, § 2;
L. 1988, ch. 85, § 4; L. 1988, ch. 86, § 2;
L. 1997, ch. 90, § 2;
L. 1999, ch. 107, § 11; July 1.
Part 2 CONSUMER CREDIT SALES; MAXIMUM FINANCE CHARGES
Article 2.--FINANCE CHARGES AND RELATED PROVISIONS
16a-2-202.Finance charge for consumer credit sales
pursuant
to open end credit.
(1) With respect to a consumer credit sale made pursuant to open end
credit, a
seller may charge a finance charge at any rate agreed to by the parties.
(2) A charge may be made in each billing cycle which is a percentage
of an amount no greater than:
(a) The average daily balance of the account, which is the sum of
the actual amounts outstanding each day during the billing cycle divided
by the number of days in the cycle;
(b) the unpaid balance of the account on the last day of the billing
cycle.
(3) If the billing cycle is monthly, the charges may not exceed 1/12 of
the annual rate agreed to by the consumer. If the billing cycle is not monthly,
the maximum charge is that percentage which bears the same relation to the
applicable monthly percentage as the number of days in the billing cycle bears
to 30. For purposes of this subsection, a variation of not more than four days
from month to month is "the last day of the billing cycle."
(4) For any period in which a finance charge is due, the parties may agree on
a minimum amount.
(5) This section does not apply to a sale of an interest in land. Subsection
(11) of K.S.A. 16a-2-401, and amendments thereto, governs the limitations on
finance charges for a contract for deed to real estate where the parties agree
in writing to make the transaction subject to the uniform consumer credit
code.
History: L. 1973, ch. 85, § 17; L. 1980, ch. 77, § 2; L. 1981,
ch. 94, § 2; L. 1982, ch. 93, § 2; L. 1983, ch. 79, § 2;
L. 1985, ch. 82, § 2;
L. 1988, ch. 85, § 4; L. 1988, ch. 86, § 2;
L. 1997, ch. 90, § 2;
L. 1999, ch. 107, § 11; July 1.
