Utah Code 70C-4-103. Finance charge for open-end accounts
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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
Terms Used In Utah Code 70C-4-103
- Finance charge: 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
(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.