Find Bill
Find Your Legislator
Legislative Deadlines
Aug. 7, 2018
RSS Feed Permanent URL -A +A

2017 Statute



Prev Article 3. - REGULATION OF AGREEMENTS AND PRACTICESNext


16a-3-308.(UCCC) Balloon payments. With respect to a consumer credit transaction, other than one pursuant to open end credit if any scheduled payment is more than twice as large as the average of earlier scheduled payments, the consumer has the right to refinance the amount of that payment at the time it is due without penalty. The terms of the refinancing shall be no less favorable to the consumer than the terms of the original transaction. These provisions do not apply to the extent that the payment schedule is adjusted to the seasonal or irregular income of the consumer or to a note secured by a real estate mortgage.

History: L. 1973, ch. 85, § 54; L. 1981, ch. 93, § 10; L. 1991, ch. 73, § 1; L. 2002, ch. 125, § 1; L. 2009, ch. 29, § 20; July 1.



Prev Article 3. - REGULATION OF AGREEMENTS AND PRACTICESNext
2018. Powered by KLISS. Rendered: 2018-08-07T13:59:51. Head Rev No: 551939(E)