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Finance Charge |
Also found in: Financial, Wikipedia | 0.02 sec. |
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The amount owed to a lender by a purchaser-debtor to be allowed to pay for goods purchased over a series of installments, as opposed to one lump sum at the time of the sale or billing. A finance charge, sometimes called the cost of credit, is expressed as an annual interest rate levied upon the purchase price. It does not include any amounts that the lender might require for insurance premiums, delinquency charges, attorney's fees, court costs, collection expenses, or official fees that might be incurred should the debtor default in the repayment of the debt. Federal and state "truth-in-lending" laws mandate that the complete cost of finance charges be fully disclosed on credit agreements and billing statements. Cross-referencesHow to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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Shoppers pay 10 percent of an item's value, then have 60 days to pay it off, with no finance charge. A fee charged in connection with such a transaction may be a finance charge for purposes of section 226. Establishing a national bank would be a technicality that would allow Carter Hawley to be exempt from complying with certain state finance charge regulations in the state. |
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