54-11-1
Credit card and accepted credit card defined.
54-11-2
Repealed.
54-11-3
Repealed.
54-11-4
Unsolicited issuance of credit card prohibited--No liability for misuse by others.
54-11-5
"Revolving charge account" and "consumer goods and services" defined.
54-11-6
Repealed.
54-11-6.1
Credit service charge permitted on revolving charge account.
54-11-6.2
Amount of service charge--Requirements--Compounding charge.
54-11-6.3
Maximum service charge.
54-11-6.4
Minimum charge on monthly bills when service charge less than minimum charge.
54-11-7
Repealed.
54-11-8
Bank loan accounts unaffected.
54-11-9
Creation of contract between card holder and issuer.
54-11-10, 54-11-11. Repealed.
54-11-12
Change in terms of credit card agreement.
54-11-1. Credit card and accepted credit card defined.
The term, credit card, or, accepted credit card, as used in this chapter, means any credit card, identification card, or device which the cardholder has requested and received from any issuer or business, or has signed or has used, or has authorized another to use, for the purpose of obtaining money, property, checks, travelers checks, money orders, labor or services on credit. For purposes of this chapter, a credit card need not be issued to establish a revolving loan account arrangement made by a bank pursuant to § 51A-12-12.
Source: SL 1968, ch 199, § 1; SL 1980, ch 26, § 28; SL 1983, ch 365, § 1; SL 2014, ch 227, § 2.
54-11-4. Unsolicited issuance of credit card prohibited--No liability for misuse by others.
No credit card shall be issued unless its issuance was requested nor shall any person who has not so solicited or has not accepted or utilized an unsolicited credit card be liable to the person who issued it or honored it for its misuse by others.
Source: SL 1968, ch 199, § 4.
54-11-5. "Revolving charge account" and "consumer goods and services" defined.
For the purpose of this chapter, "revolving charge account" shall mean an arrangement prescribing terms of transactions which may be made thereunder from time to time pursuant to which a retail seller or person who offers and provides any services gives to a purchaser or user of services the privilege of using a credit card or other means of credit confirmation or identification primarily for the purpose of purchasing consumer goods or services, as that term is hereafter defined, from any person, which may include the retail seller or provider of services, and under which an interest charge may be periodically imposed.
For the purpose of §§ 54-11-5 to 54-11-8, inclusive, "consumer goods and services" mean all goods and services provided to the public by sellers or providers of personal services.
Source: SL 1974, ch 306, § 1; SL 1975, ch 301.
54-11-6.1. Credit service charge permitted on revolving charge account.
A person may collect a credit service charge on any revolving charge account made pursuant to § 54-11-5, subject to §§ 54-11-6.2 to 54-11-6.4, inclusive.
Source: SL 1979, ch 335, § 3.
54-11-6.2. Amount of service charge--Requirements--Compounding charge.
A charge may be made in each billing cycle which is a percentage of an amount no greater than the average daily balance of the account, the unpaid balance of the account on approximately the same day of the billing cycle or the median amount within a specified range within which the average daily balance or the unpaid balance of the account, on approximately the same day of the billing cycle, is included. A charge may be made pursuant to this section only if the same charge is applied to all balances within the specified range and if the percentage when applied to the median amount within the range does not produce a charge exceeding the charge resulting from applying that percentage to the lowest amount within the range by more than eight percent of the charge on the median amount. This charge may be compounded.
Source: SL 1979, ch 335, § 4.
54-11-6.3. Maximum service charge.
The charge shall be at a rate or amount agreed upon by the parties involved. If the billing cycle is not monthly, the maximum charge is that percentage which bears the same relation to the agreed upon rate as the number of days in the billing cycle bears to thirty. For the purposes of this section, a variation of not more than four days from month to month is approximately the same day of the billing cycle.
Source: SL 1979, ch 335, § 5; SL 1980, ch 337, § 1A; SL 1982, ch 346, § 1; SL 1987, ch 360, § 5.
54-11-6.4. Minimum charge on monthly bills when service charge less than minimum charge.
If there is an unpaid balance on the date of which the credit service charge is applied and the credit service charge pursuant to this section is less than the minimum charge, a minimum charge not exceeding fifty cents may be made if the billing cycle is monthly. If the billing cycle is not monthly, a minimum charge may be made which bears the same relation to fifty cents as the number of days in the billing cycle bears to thirty.
Source: SL 1979, ch 335, § 6.
54-11-8. Bank loan accounts unaffected.
The provisions of §§ 54-11-5 and 54-11-6.1 shall not apply to a revolving loan account arrangement made by a bank pursuant to § 51A-12-12.
Source: SL 1974, ch 306, § 2.
54-11-9. Creation of contract between card holder and issuer.
The use of an accepted credit card or the issuance of a credit card agreement and the expiration of thirty days from the date of issuance without written notice from a card holder to cancel the account creates a binding contract between the card holder and the card issuer with reference to any accepted credit card, and any charges made with the authorization of the primary card holder.
Source: SL 1983, ch 365, § 2.
54-11-12. Change in terms of credit card agreement.
A credit card issuer may change the terms of any credit card agreement if such right of amendment has been reserved. A credit card issuer shall provide notice of such change, and the right to reject such change, in accordance with, and solely to the extent required by 12 C.F.R. 1026, in effect on January 1, 2015. No credit card issuer may make a change that is specifically prohibited by 12 C.F.R. 1026.
Source: SL 2015, ch 243, § 3.
