§ 6-26.1-12 - Materiality of terms. - Rhode Island Statutes

SECTION 6-26.1-12

   § 6-26.1-12  Materiality of terms. –All terms, conditions and other provisions of and relating to a credit cardplan as contained in this chapter or any other applicable chapter, or in theagreement governing the plan (other than those which are interest under thischapter,) including, without limitation, provisions relating to the method ofdetermining the outstanding unpaid indebtedness on which interest is applied,time periods within which interest or interest fees and charges may be avoided,reasons for default and the right to cure any default, right to accelerate,account cancellation, choice of law, change in terms requirements, right tocharge and collect attorneys' fees, court and collection costs and thecompounding of interest or interest fees and charges, shall be and hereby aredeemed to be material to the determination of interest applicable to a planunder Rhode Island law, under the most favored lender doctrine, and underSection 85 of the National Credit Card Lender Act (12 U.S.C. § 85) orSection 521 of the Depository Institutions Deregulation and Monetary ControlAct of 1980 (12 U.S.C. § 1831d).