Section 12-506.1 - Credit balances.
§ 12-506.1. Credit balances.
(a) Defined.- In this section "credit balance" means a balance on an open end retail credit account which indicates that the buyer has made payments or obtained refunds in excess of charges, resulting in a credit due to the buyer.
(b) Balances in excess of $1.- If there is a credit balance in excess of $1 on any retail credit account:
(1) The holder shall send to the buyer a monthly statement which indicates the amount of the credit balance; and
(2) If the credit balance remains the same after four consecutive monthly statements, the holder shall send to the buyer a check or money order in the full amount of the credit balance.
(c) Application of section.- The provisions of this section shall apply only to credit balances remaining the same after four consecutive monthly statements for billing periods commencing after July 1, 1975.
[1975, ch. 503.]