§ 6-26.1-4 - Interest. - Rhode Island Statutes

SECTION 6-26.1-4

   § 6-26.1-4  Interest. – A credit card lender may charge and collect interest under a credit card planon outstanding unpaid indebtedness in the borrower's account under the plan atany daily, weekly, monthly, annual or other periodic percentage rate or ratesthat the agreement governing the plan provides or as established in the mannerprovided in the agreement governing the plan. If the agreement governing theplan so provides, the outstanding unpaid indebtedness may include the amount ofany interest, interest fees and charges, and other charges outstanding.Interest may be calculated using an average daily balance, two-cycle averagedaily balance, adjusted balance or previous balance method or using any otherbalance computation method provided for in the agreement governing the plan.Credit card transactions may be included in the outstanding unpaid indebtednessas of any time as may be specified in the agreement governing the plan.Periodic billing cycles may be established in any manner and shall have theduration that may be specified in the agreement governing the plan.