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Consumer Credit Regulation: P.R. Laws Ann. tit. 10, §§ 731 to 793 (Retail Installment Sales of Goods and Services).

Scope: Installment sales of goods and services. Revolving credit. § 731.

Licensure requirements: Finance companies must be licensed. § 761.

Credit terms: Contract or revolving account plan may not include financing charges in excess of those allowed by the regulations approved by the Board of the Office of Commissioner of Financial Institutions. § 750.

Restrictions on points or prepaid interest: None.

Restrictions on length of term: None.

Consumer Credit Regulation: S.C. Code Ann. 37-1-101 to 37-13-90; 37-23-10 to 37-29-130 (South Carolina Consumer Protection Code).

Scope: Retail installment sales and consumer credit sales (including home solicitation sales and consumer leases of goods), services and interests in land purchased primarily for a personal, family, or household purposes. With respect to a sale of goods or services, the amount financed may not exceed $25,000, as adjusted using the Consumer Price Index as specified in § 37-1-109. § 37-2-104. From July 1, 2022 to June 30, 2024, the adjusted amount is $115,000. See .

Consumer Credit Regulation: S.D. Codified Laws §§ 54-3A-1 to 54-3A-25 (Consumer Installment Sales Contracts).

Scope: Installment sales of goods or services for personal, family, or household use. § 54-3A-1.

Licensure requirements: None.

Credit terms: Rate agreed upon by the creditor and the consumer by written agreement. The finance charge is expressed and compounded in the same manner as an interest rate. § 54-3A-3.

Restrictions on points or prepaid interest: None.

Restrictions on length of term: Installment sale defined as one or more installments. § 54-3A-1(6).

Consumer Credit Regulation: Tenn. Code Ann. §§ 47-11-101 to 47-11-111 (Retail Installment Sales Act).

Scope: Installment sales of goods and services, whether or not purchased for commercial or industrial use, not principally for the purpose of resale. Revolving credit. § 47-11-102.

Licensure requirements: None.

Credit terms: The seller or other holder under a retail installment contract may charge a time price differential that shall not exceed $11.75 per $100 per year on the principal balance. § 47-11-103(d).

Restrictions on points or prepaid interest: None.

Consumer Credit Regulation: Tex. Fin. Code Ann. §§ 348.001 to 348.518 (West) (Motor Vehicle Installment Sales); §§ 354.002 to 354.007 (West) (Debt Cancellation Agreements for Certain Retail Vehicle Installment Sales). See also 7 Tex. Admin. Code §§ 84.101 to 84.809 (Motor Vehicle Installment Sales).

Scope: Installment sales of motor vehicles. The term “motor vehicle” includes automobile, motor home, truck, truck tractor, trailer, semitrailer, or bus designed, and used primarily to transport persons or property on a highway, as well as a commercial vehicle or heavy commercial vehicle. § 348.001(4).

Consumer Credit Regulation: Utah Code Ann. §§ 70C-1-101 to 70C-8-203 (West) (Utah Consumer Credit Code).

Scope: All credit offered or extended by a creditor to an individual person primarily for personal, family, or household purposes. Does not include any extension of credit primarily for business, commercial or agricultural purposes and does not apply to any extension of credit in which amount financed exceeds $50,000, to be adjusted annually for inflation. §§ 70C-1-201, 70C-1-202. As of January 1, 2023, this amount is $66,400.

Licensure requirements: None.

Consumer Credit Regulation: Vt. Stat. Ann. tit. 9, §§ 2401 to 2410 (Retail Installment Sales).

Scope: Installment sales of goods (but not motor vehicles or mobile homes) and services purchased primarily for personal, family, or household use. § 2401.

Licensure requirements: Sales finance companies must be licensed. Vt. Stat. Ann. tit. 8 § 2201(a).

Credit terms: For a retail installment contract, the finance charge shall not exceed 18% per year of the first $500 of the balance and 15% on the balance in excess of $500. §§ 2405(k) and 41a(b)(2).

Restrictions on points or prepaid interest: None.

Consumer Credit Regulation: Va. Code Ann. § 6.2-311 (Closed-End Installment Loans by Sellers of Goods or Services)

Scope: Applies to seller of goods or services who extends credit under a closed-end installment credit plan or arrangement.

Licensure requirements: None.

Credit terms: The rate or rates agreed upon. Statute defines the components of the amount financed on which the finance charge may be computed.

Restrictions on points or prepaid interest: None.

Restrictions on length of term: None.

Consumer Credit Regulation: W. Va. Code §§ 46A-1-101 to 46A-8-102 (Consumer Credit and Protection Act).

Scope: Sales of goods, services or interest in land purchased primarily for personal, family, household, or agricultural purpose. With respect to a sale of goods or services, the amount financed may not exceed $45,000. However, the sale of a factory-built home is not subject to this dollar limit. § 46A-1-102(13).

Licensure requirements: A license is required to make regulated consumer loans. § 46A-4-102

Consumer Credit Regulation: Wis. Stat. §§ 421.101 to 427.105 (Wisconsin Consumer Act). See also Wis. Admin. Code §§ Dfi-Bkg. 76.01 to 76.13 (Sales Finance Companies).

Scope: Consumer credit transactions, including sales of goods, services (but not of common carriers if the tariffs, rates, charges, costs, or expenses are required by law to be filed with or approved by governmental entity) or interest in land purchased for personal, family, household, or agricultural purposes. Consumer leases. Open-end credit plans. § 421.102.

Consumer Credit Regulation: Wyo. Stat. Ann. §§ 40-14-101 to 40-14-649 (Wyoming Uniform Consumer Credit Code).

Scope: Sales of goods, services or an interest in land purchased primarily for a personal, family, or household purpose where either the debt is payable in installments or a credit service charge is made, and, with respect to a sale of goods or services, the amount financed does not exceed $75,000. Includes home solicitation sales and consumer leases. “Consumer lease” means a lease of goods in which the amount payable under the lease does not exceed $75,000 and which is for a term exceeding four months. Includes consumer loans. §§ 40-14-204, 40-14-206.

Consumer Credit Regulation: 9.10.4.7a State Laws and Regulations Specific to EWAs

In 2023, California’s Department of Financial Protection and Innovation proposed comprehensive regulations to confirm that EWAs are governed by the state lending law, including its caps on charges and its registration and reporting requirements.1244 Among other things, the proposed regulation confirms that tips and other purportedly voluntary payments are “charges,” so are subject to the statutory cap.

Truth in Lending: 11.8 Remedies for Violations of the Federal Rebate Statute

The federal rebate statute is codified within TILA at 15 U.S.C. § 1615. It mandates that unearned interest be rebated when a consumer credit transaction is prepaid, refinanced or accelerated and forbids use of the Rule of 78s1124 in calculating those rebates for transactions with terms longer than sixty-one months.1125 The rebate statute did not amend TILA: its placement was an administrative decision with no legal significance.1126

Consumer Credit Regulation: Kan. Stat. Ann. §§ 16a-2-101 to 16a-9-102 (Kansas Uniform Consumer Credit Code).

Scope: Consumer credit transactions, including sales and loans. § 16a-2-102.

Licensure requirements: None.

Credit terms: In a closed-end consumer credit sale, a seller may charge a finance charge at any rate agreed to by the parties. § 16a-2-201(2). In a consumer credit sale made pursuant to open-end credit, a seller may charge a finance charge at any rate agreed to by the parties. § 16a-2-202(1).

Consumer Credit Regulation: Ky. Rev. Stat. Ann. §§ 371.210 to 371.330 (West) (Installment Sales Contracts).

Scope: Installment sales of goods (not including motor vehicles) and services purchased primarily for personal use pursuant to retail installment contract or retail charge agreement. § 371.210.

Licensure requirements: None.

Credit terms: A retail charge agreement may charge a time price differential for the privilege of paying in installments. § 371.300(3).

Restrictions on points or prepaid interest: None.

Restrictions on length of term: None.