Indiana Code 24-4.5-2-206. Credit service charge on consolidation
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style=”font-size: 10pt”> Sec. 206. Credit Service Charge on Consolidation — If a buyer owes an unpaid balance to a seller with respect to a consumer credit sale, refinancing, or consolidation, and becomes obligated on another consumer credit sale, refinancing, or consolidation with the same seller, the parties may agree to a consolidation resulting in a single schedule of payments pursuant to either of the following subsections:
(2) The parties may agree to consolidate by adding together the unpaid balances with respect to the two sales.
(1) The parties may agree to refinance the unpaid balance with respect to the previous sale pursuant to the provisions on refinancing (24-4.5-2-205) and to consolidate the amount financed resulting from the refinancing by adding it to the amount financed with respect to the subsequent sale. The seller may contract for and receive a credit service charge based on the aggregate amount financed resulting from the consolidation at a rate not exceeding that permitted by the provisions on credit service charge for consumer credit sales (24-4.5-2-201).
Terms Used In Indiana Code 24-4.5-2-206
- Contract: A legal written agreement that becomes binding when signed.
Formerly: Acts 1971, P.L.366, SEC.3.