The total cost of credit a customer must pay on a consumer loan, including interest. The Truth in Lending Act requires disclosure of the finance charge. Source: OCC
State Law
Arizona
means any charge payable directly or indirectly to a lender as an incident to or as a condition of the extension of credit, including interest, time price differentials, amounts payable under a discount system of additional charges, service, transaction or carrying charges, loan fees, points or similar charges, appraisal fees, or charges incurred for investigating the credit worthiness of a consumer, but does not include charges as a result of default, taxes, license fees, delinquency charges or filing fees Arizona Laws 20-1621.01
means the amount agreed on between the buyer and the seller, as limited herein, which in determining the cost of the motor vehicle is added to the aggregate of the following: The cash sale price and the amount, if any, included for insurance and other benefits where a separate cost is assigned thereto Arizona Laws 44-281
means the amount payable by a consumer incident to or as a condition of the extension of a consumer lender loan but does not include other fees allowed pursuant to section 6-635 Arizona Laws 6-601
means the amount payable by the buyer for the privilege of purchasing goods or services under a retail installment transaction Arizona Laws 44-6001
California
has the meaning set forth for that term in Section 226 California Civil Code 2981
means any amount which the insured agrees to pay in excess of the premium and fees charged by the insurer or producer, and exclusive of the cost of credit life insurance and attorney fees California Financial Code 29001
means any amount which the insured agrees to pay the company in excess of the premium and fees charged by the insurer or producer, and exclusive of the cost of credit life insurance and attorney fees California Financial Code 18567
Delaware
means the amount agreed upon between the buyer and the seller, as limited by this chapter, to be added to the aggregate of the cash sale price, the amount, if any, included for insurance and other benefits and official fees, in determining the time price Delaware Code Title 5 Sec. 2901
Florida
means a contractually specified additional amount to be paid by the obligor on any balance that remains unpaid by the due date set forth in the credit agreement or other contract Florida Statutes 713.01
Michigan
means any consideration which the retail buyer contracts to pay the retail seller for the privilege of paying the principal balance in installments over a period of time Michigan Laws 566.301
means that term as defined in section 106 of the truth in lending act, 15 USC 1605 Michigan Laws 492.102
New Hampshire
means the amount agreed upon between the buyer and the seller, as limited in this chapter, to be added to the cash sale price, the amount, if any, included for insurance and other benefits, if a separate charge is made therefor, and documentary fees, in determining the time price New Hampshire Revised Statutes 361-A:1
Ohio
means the amount that the retail buyer pays or contracts to pay the retail seller for the privilege of paying the principal balance in installments over a period of time Ohio Code 1317.01
Vermont
means that part of the time sales price as determined under subsection 2405(g) of this title by which the time sales price exceeds the aggregate of the cash price and the amount included in a retail installment contract, if a separate charge is made therefor, for insurance and official fees
means the estimated amount to be added to the principal balance to determine the balance of the buyer’s indebtedness to be paid under a retail installment contract
Virginia
has the meaning assigned to it in Consumer Financial Protection Bureau Regulation Z, Virginia Code 6.2-100
West Virginia
means the sum of all interest and similar charges payable directly or indirectly by the debtor imposed or collected by the lender incident to the extension of credit as coextensive with the definition of “loan finance charge” set forth in section one hundred two, article one, chapter&nbsp West Virginia Code 31-17-1