With respect to an open-end consumer credit
contract, a
finance charge may only be calculated during any particular billing cycle on the basis of either:
| (1) |
the average or actual daily balance of the account; or |
Terms Used In Utah Code 70C-4-103
- Finance charge: The total cost of credit a customer must pay on a consumer loan, including interest. The Truth in Lending Act requires disclosure of the finance charge. Source: OCC
| (2) |
the unpaid balance of the account on the last day of the billing cycle after deducting payments and credits received during the same cycle. |
Enacted by Chapter 159, 1985 General Session
