- (1) "Actuarial method" means the method of allocating payments made on a debt between the amount financed and the finance charge pursuant to which a payment is applied first to the accumulated finance charge and any remainder is subtracted from, or any deficiency is added to, the unpaid balance of the amount financed.
KEY: financial institutions, debt cancellation, debt suspension
Date of Last Change: October 15, 2003
Notice of Continuation: October 5, 2023
Authorizing, and Implemented or Interpreted Law: 7-1-324(2)