§ 40-14-225 — Statement of rate

(a) Repealed by Laws 1982, ch. 61, § 2.
(b) Repealed by Laws 1982, ch. 61, § 2.
(c) Repealed by Laws 1982, ch. 61, § 2.
(d) Repealed by Laws 1982, ch. 61, § 2.
(e) A statement of rate complies with this part if it does
not vary from the accurately computed rate by more than the
following tolerances:
(i) The annual percentage rate may be more or less
than the actual rate by not more than one-eighth of one percent
(.125%) or may be rounded to the nearest one-fourth of one
percent (.25%) for consumer credit sales payable in
substantially equal installments when a seller determines the
total credit service charge on the basis of a single add-on,
discount, periodic or other rate, and the rate is converted into
an annual percentage rate under procedures prescribed by rule by
the administrator;
(ii) The administrator may authorize by rule the use
of rate tables or charts which may provide for the disclosure of
annual percentage rates which vary from the rate determined in
accordance with paragraph (i) of this subsection by not more
than the tolerances the administrator may allow; the
administrator may not allow a tolerance greater than eight
percent (8%) of that rate except to simplify compliance where
irregular payments are involved; and
(iii) In case a seller determines the annual
percentage rate in a manner other than as described in paragraph
(i) or (ii) of this subsection, the administrator may authorize
by rule other reasonable tolerances.