Utah Code Ann. § 70C-4-103 – Finance charge for open-end accounts. | Midpage
§ 70C-4-103
Utah Code Ann. § 70C-4-103
Finance charge for open-end accounts.
Enacted by Chapter 159, 1985 General Session
With respect to an open-end consumer credit contract, a finance charge may only be calculated 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 deducting payments and credits received during the same cycle.