HARRY HUGHES, Governor

3875

AGREED UPON RATE AND OBTAINING ANY ADDITIONAL EXTENSION OF
CREDIT AS A SEPARATE ACCOUNT . , NOTWITHSTANDING ANY LAW
WHICH LIMITS THE HOLDER'S ABILITY TO ESTABLISH MORE THAN 1
ACCOUNT FOR THE SAME BUYER;

(3) AN ACCOUNT MAY BE REFINANCED ONLY UPON THE
BUYER'S REQUEST;

(4) THE HOLDER MUST REFUND OR CREDIT TO THE
BUYER'S ACCOUNT ANY UNEARNED FINANCE CHARGE AND ANY RETURNED
INSURANCE PREMIUMS UPON THE CANCELLATION OF INSURANCE SOLD
IN CONNECTION WITH THE OBLIGATION;

(5) THE HOLDER MUST ALLOW THE BUYER THE RIGHT TO
CANCEL THE CONSOLIDATED PURCHASE AGREEMENT WITHIN 3 BUSINESS
DAYS AND TO ELECT THE SEPARATE ACCOUNT OPTION PURSUANT TO
SUBSECTION (2). THE HOLDER SHALL PROVIDE TO THE BUYER
CONSPICUOUS NOTICE OF THE PROVISIONS OF THIS SUBSECTION; AND

(6) NOTHING IN THIS SUBSECTION SHALL PROHIBIT
THE RECEIPT OF GOODS OR SERVICES BY THE BUYER AT THE TIME
THE CONSOLIDATED PURCHASE AGREEMENT IS MAPS.

12-505.2.

A SELLER OR HOLDER MAY NOT ENTER INTO A CLOSED-END
RETAIL CREDIT ACCOUNT AGREEMENT, PROVIDING FOR AN INITIAL
RATE OF FINANCE CHARGE PURSUANT TO. SECTION 12-505(A)(3),
WHICH CONTAINS A PROVISION THAT PERMITS THE SELLER OR HOLDER
TO INCREASE OR DECREASE THE APPLICABLE RATE OF FINANCE
CHARGE FROM TIME TO TIME DURING THE TERM OF THE ACCOUNT.

12-505.3.

WITH RESPECT TO A CLOSED-END RETAIL CREDIT ACCOUNT
ESTABLISHED AT A RATE PURSUANT TO SECTION 12-505(A), THE
AGREEMENT MAY NOT PROVIDE FOR A BALLOON PAYMENT.

12-506.

(a) In an open end account, the finance charge may fiat
be more than:

(1)  1.5 percent a month on that part of the
outstanding balance not exceeding $700; [and]

(2)  1 percent per month on that part of the
outstanding balance exceeding $700[.];

(3) 2 PERCENT PER MONTH ON THAT PART OF THE
OUTSTANDING BALANCE ORIGINATING ON OR AFTER JULY 1, 1982,
AND BEFORE JULY 1, 1985.

(4) IN AN OPEN END ACCOUNT, INCLUDING A CREDIT
CARD PLAN, THE BUYER MAY BE REQUIRED TO PAY A MEMBERSHIP FEE