40-14-323. 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(a) Repealed by Laws 1982, ch. 61, § 2.
(b) Repealed by Laws 1982, ch. 61, § 2.
(c) Repealed by Laws 1982, ch. 61, § 2.
(d) Repealed by Laws 1982, ch. 61, § 2.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 loans payable in substantially equal installments when a lender determines the total loan finance 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 lender 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.
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