16a-2-508. (UCCC) Conversion to open end credit.

16a-2-508

Chapter 16a.--CONSUMER CREDIT CODE Part 5 CONSUMER CREDIT TRANSACTIONS; OTHER CHARGES AND MODIFICATIONS Article 2.--FINANCE CHARGES AND RELATED PROVISIONS

      16a-2-508.   (UCCC) Conversion to open end credit. The parties may agree to add the unpaid balance of a consumer credit transaction not made pursuant to open end credit to the consumer's open end credit account with the creditor. The unpaid balance so added is an amount equal to the amount financed determined according to the provisions on finance charge on refinancing (section 16a-2-504).

      History:   L. 1973, ch. 85, § 36; Jan. 1, 1974.