Text: HSB00013 Text: HSB00015 Text: HSB00000 - HSB00099 Text: HSB Index Bills and Amendments: General Index Bill History: General Index
PAG LIN 1 1 Section 1. Section 537.2502, subsections 3 and 6, Code 1 2 2001, are amended to read as follows: 1 3 3. A delinquency charge shall not be collected under 1 4 subsection 1, paragraph "a", on an installmentwhichthat is 1 5 paid in full within ten days after its scheduled or deferred 1 6 installment due date even though an earlier maturing 1 7 installment or a delinquency or deferral charge on an earlier 1 8 installment may not have been paid in full. For purposes of 1 9 this subsection, payments associated with a precomputed are 1 10 applied first to current installments and then to delinquent 1 11 installments. 1 12 6. A delinquency charge shall not be collected under 1 13 subsection 4 on a paymentwhichassociated with a precomputed 1 14 transaction that is paid in full on or before its scheduled or 1 15 deferred due date even though an earlier maturing payment or a 1 16 delinquency or deferred charge on an earlier payment has not 1 17 been paid in full. For purposes of this subsection, payments 1 18 associated with a precomputed transaction are applied first to 1 19 amounts due for the current billing cycle and then to 1 20 delinquent payments. 1 21 EXPLANATION 1 22 This bill provides that, with respect to a consumer credit 1 23 transaction that is not pursuant to an open-end credit 1 24 arrangement, and other than a consumer lease or consumer 1 25 rental agreement, a delinquency charge on a current paid-in- 1 26 full installment associated with a precomputed transaction 1 27 shall not be collected, even if a delinquency on an earlier 1 28 installment exists. By limiting the provision's applicability 1 29 to precomputed transactions, the bill allows a delinquency 1 30 charge to be collected on an installment not part of a 1 31 precomputed transaction, where the current installment due is 1 32 paid in full within 10 days after its scheduled or deferred 1 33 installment due date but an earlier maturing installment or a 1 34 delinquency or deferral charge on an earlier installment has 1 35 not been paid in full. The bill, with respect to such 2 1 transactions, eliminates the requirement that payments be 2 2 applied first to a current installment and then to delinquent 2 3 amounts. 2 4 The bill likewise provides that with respect to delinquency 2 5 charges related to an open-end credit transaction, a 2 6 delinquency charge may be collected on a payment associated 2 7 with a transaction other than a precomputed transaction where 2 8 the current payment due is paid in full on or before its 2 9 scheduled or deferred due date but where an earlier maturing 2 10 payment or a delinquency or deferred charge on an earlier 2 11 payment has not been paid in full. The bill, with respect to 2 12 such transactions, eliminates the requirement that payments be 2 13 applied first to a current payment and then to delinquent 2 14 amounts. 2 15 LSB 1978HC 79 2 16 jj/pj/5
Text: HSB00013 Text: HSB00015 Text: HSB00000 - HSB00099 Text: HSB Index Bills and Amendments: General Index Bill History: General Index
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