§ 5-3-205 — Use of multiple agreements

A creditor may not use multiple
agreements with respect to a single consumer credit transaction for the purpose of
obtaining a higher finance charge than would otherwise be permitted by this code
or to avoid disclosure of an annual percentage rate pursuant to the provisions on
disclosure and advertising. Dividing a single consumer credit transaction between a
husband and wife shall be presumed to be a violation of this section. The excess
amount of finance charge provided for in agreements in violation of this section is
an excess charge for the purposes of the provisions on the effect of violations on
rights of parties contained in section 5-5-201 and the provisions on civil actions by
the administrator contained in section 5-6-114.

Legislative History

Source: L. 2000: Entire article R&RE, p. 1219, � 1, effective July 1.