SECTION 520.345. Simple-interest contracts.
Latest version.
- 1A retail installment contract under The Retail Installment Sales Act may provide that the rate of finance charge be calculated on a simple-interest basis subject to the following provisions:
30(1) 31Instead of a finance charge computed on the amount financed as determined under s. 45520.34(2), 46the seller may compute the finance charge at a simple-interest rate equivalent to the finance charge permitted by s. 65520.34(6) 66on the unpaid balance as it changes from time to time or by any other method. 82(2) 83The language in s. 87520.34(6) 88which provides that the finance charge may be computed on the basis of a full month for any fractional-month period in excess of 10 days shall not be applicable to a simple-interest contract. 121(3) 122The provisions of s. 126520.34(11) 127which prescribe a refund credit upon prepayment in full before maturity of the unpaid balance of a retail installment contract shall not be applicable to a simple-interest contract. 155(4) 156In the event the unpaid balance of a retail installment contract is extended, deferred, renewed, or restated, the holder may compute the refinance charge in accordance with the provisions of this section.
History.-s. 2, ch. 85-93; s. 1, ch. 86-286; ss. 35, 36, ch. 90-103; s. 4, ch. 91-429.
Bills Cite this Section:
None
Authorized Rulemaking (1):
Cited by Court Cases:
None
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