70C-4-103 - Finance charge for open-end accounts. - Utah Statutes

70C-4-103. Finance charge for open-end accounts.
With respect to an open-end consumer credit contract, a finance charge may only becalculated during any particular billing cycle on the basis of either:
(1) the average or actual daily balance of the account; or
(2) the unpaid balance of the account on the last day of the billing cycle after deductingpayments and credits received during the same cycle.

Enacted by Chapter 159, 1985 General Session