Article 3.--REGULATION OF AGREEMENTS AND PRACTICES
16a-3-204.(UCCC) Change in terms of open end credit accounts.
(1) If a creditor makes a change in the terms of an open end credit
account without complying with this section any additional cost or
charge to the consumer resulting from the change is an excess charge and
subject to the remedies available to consumers (section 16a-5-201) and
to the administrator (section 16a-6-113).
(2) A creditor may change the terms, including the finance charge, of an
open end credit account
whether or not the change is authorized by prior agreement. Except as
provided in subsection (3), the lender shall give to the consumer
written notice of any change at least 30 days before the effective date of the change.
(3) The notice specified in subsection (2) is not required if:
(a) The consumer elects to pay an amount designated on a billing
statement as including a new charge for a benefit offered to the
consumer when the benefit and charge constitute the change in terms and
when the billing statement also states the amount payable if the new
charge is excluded;
(b) the change involves no significant cost to the consumer;
or
(c) the change applies only to debts incurred after a date
specified
in a notice of the change.
(4) The notice provided for in this section is given to the consumer
when mailed to the consumer at the address used by the creditor for sending
periodic billing statements.
History: L. 1973, ch. 85, § 44; L. 1980, ch. 77, § 4; L. 1981,
ch. 94, § 4; L. 1982, ch. 93, § 5; L. 1983, ch. 79, § 4;
L. 1985, ch. 82, § 4;
L. 1987, ch. 81, § 1;
L. 1993, ch. 49, § 1; July 1.
Article 3.--REGULATION OF AGREEMENTS AND PRACTICES
16a-3-204.(UCCC) Change in terms of open end credit accounts.
(1) If a creditor makes a change in the terms of an open end credit
account without complying with this section any additional cost or
charge to the consumer resulting from the change is an excess charge and
subject to the remedies available to consumers (section 16a-5-201) and
to the administrator (section 16a-6-113).
(2) A creditor may change the terms, including the finance charge, of an
open end credit account
whether or not the change is authorized by prior agreement. Except as
provided in subsection (3), the lender shall give to the consumer
written notice of any change at least 30 days before the effective date of the change.
(3) The notice specified in subsection (2) is not required if:
(a) The consumer elects to pay an amount designated on a billing
statement as including a new charge for a benefit offered to the
consumer when the benefit and charge constitute the change in terms and
when the billing statement also states the amount payable if the new
charge is excluded;
(b) the change involves no significant cost to the consumer;
or
(c) the change applies only to debts incurred after a date
specified
in a notice of the change.
(4) The notice provided for in this section is given to the consumer
when mailed to the consumer at the address used by the creditor for sending
periodic billing statements.
History: L. 1973, ch. 85, § 44; L. 1980, ch. 77, § 4; L. 1981,
ch. 94, § 4; L. 1982, ch. 93, § 5; L. 1983, ch. 79, § 4;
L. 1985, ch. 82, § 4;
L. 1987, ch. 81, § 1;
L. 1993, ch. 49, § 1; July 1.
Article 3.--REGULATION OF AGREEMENTS AND PRACTICES
16a-3-204.(UCCC) Change in terms of open end credit accounts.
(1) If a creditor makes a change in the terms of an open end credit
account without complying with this section any additional cost or
charge to the consumer resulting from the change is an excess charge and
subject to the remedies available to consumers (section 16a-5-201) and
to the administrator (section 16a-6-113).
(2) A creditor may change the terms, including the finance charge, of an
open end credit account
whether or not the change is authorized by prior agreement. Except as
provided in subsection (3), the lender shall give to the consumer
written notice of any change at least 30 days before the effective date of the change.
(3) The notice specified in subsection (2) is not required if:
(a) The consumer elects to pay an amount designated on a billing
statement as including a new charge for a benefit offered to the
consumer when the benefit and charge constitute the change in terms and
when the billing statement also states the amount payable if the new
charge is excluded;
(b) the change involves no significant cost to the consumer;
or
(c) the change applies only to debts incurred after a date
specified
in a notice of the change.
(4) The notice provided for in this section is given to the consumer
when mailed to the consumer at the address used by the creditor for sending
periodic billing statements.
History: L. 1973, ch. 85, § 44; L. 1980, ch. 77, § 4; L. 1981,
ch. 94, § 4; L. 1982, ch. 93, § 5; L. 1983, ch. 79, § 4;
L. 1985, ch. 82, § 4;
L. 1987, ch. 81, § 1;
L. 1993, ch. 49, § 1; July 1.
