TITLE 6
Commercial Law General Regulatory Provisions
CHAPTER 6-26.1
Credit Card Lending
SECTION 6-26.1-5
§ 6-26.1-5 Interest fees and charges.
(a) In addition to, or in lieu of, interest at a periodic percentage rate or
rates as provided in § 6-26.1-4, a credit card lender may, if the
agreement governing the credit card plan so provides, charge and collect, as
interest, in any manner or form that the plan may provide, one or more of the
following:
(1) Daily, weekly, monthly, annual, or other periodic charges
in any amount or amounts that the agreement may provide for the privileges made
available to the borrower under the plan;
(2) A transaction charge or charges in any amount or amounts
that the agreement may provide for each separate purchase, loan, or other
transaction under the plan;
(3) A minimum charge for each daily, weekly, monthly, annual
or other scheduled billing period under the plan during any portion of which
there is an outstanding unpaid indebtedness under the plan;
(4) Reasonable fees for services rendered or for
reimbursement of expenses incurred in good faith by the credit card lender or
its agents in connection with the plan, or other reasonable fees incident to
the application for and the opening, administration and termination of a plan
including, without limitation, commitment, application and processing fees;
official fees and taxes; costs incurred by reason of examination of title,
inspection, appraisal, recording, mortgage satisfaction, or other formal acts
necessary or appropriate to the security for the plan; and filing fees;
(5) Returned payment charges or charges imposed for the
return of a draft or check drawn on a credit card plan evidencing an extension
of credit under the plan;
(6) Documentary evidence charges;
(7) Stop payment fees;
(8) Overlimit charges;
(9) Automated teller machine charges or other electronic or
interchange fees or charges;
(10) Prepayment charges authorized under subsection (b) of
this section; and
(11) Subject to any limitations contained in this chapter,
any other fees and charges that are set forth in the agreement governing the
plan.
(b) An individual borrower may pay the outstanding unpaid
indebtedness charged to the borrower's account under a plan in full at any
time. Except for a charge imposed to terminate a plan if the agreement
governing the plan so provides, a credit card lender may not impose any
prepayment charge in connection with the payment of outstanding unpaid
indebtedness in full by an individual borrower. The terms of prepayment of the
outstanding unpaid indebtedness relating to a credit card plan involving a
borrower other than an individual borrower shall be as the lender and the
borrower may agree.
(c) No charges assessed in accordance with this section shall
be deemed void as a penalty or otherwise unenforceable under any statute or the
common law.
History of Section.
(P.L. 2003, ch. 237, § 1; P.L. 2014, ch. 528, § 16.)