31-1-502. Periodic statement to be furnished to debtor. (1) A seller may charge the late payment charge provided for in 31-1-501 only if the seller promptly supplies the buyer with a statement as of the end of each monthly period or other regular period agreed upon by the seller and the buyer in which there is any unpaid balance. The statement must recite the following:
(a) the percentage amount of the late payment charge that will be charged beginning 30 days after the obligation is incurred;
(b) the unpaid balance at the beginning or end of the period;
(c) an identification of any amounts debited to the buyer's account during the period;
(d) the payments made by the buyer to the seller during the period;
(e) the amount of the late payment charge and also the percentage annual simple interest equivalent of the amount; and
(f) a legend to the effect that the buyer may at any time pay the total unpaid balance.
(2) The items need not be stated in the sequence or order set forth in subsection (1). Additional items may be included to explain the computations made in determining the amount to be paid by the buyer.
History: En. Sec. 2, Ch. 222, L. 1981; amd. Sec. 980, Ch. 56, L. 2009.
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