§ 6-26.1-3 - Variable rates.
SECTION 6-26.1-3
§ 6-26.1-3 Variable rates. – If the agreement governing a credit card plan so provides, the periodicpercentage rate or rates of interest under the plan may vary in accordance witha schedule or formula. The periodic rate or rates may vary from time to time asthe rate determined in accordance with the schedule or formula varies and theperiodic rate or rates, as so varied, may be made applicable to all or any partof outstanding unpaid indebtedness under the plan on or after the first day ofthe billing cycle that contains the effective date of the variation, includingany indebtedness arising out of purchases made or loans obtained prior to thevariation in the periodic percentage rate or rates. Without limitation, apermissible schedule or formula pursuant to this section may include provisionsin the agreement governing the plan for a change in the periodic percentagerate or rates of interest applicable to all or any part of outstanding unpaidindebtedness, whether by variation of the then applicable periodic percentagerate or rates of interest, variation of an index or margin or otherwise,contingent upon the happening of any event or circumstance specified in theplan, which event or circumstance may include, but not be limited to, thefailure of the borrower to perform in accordance with the terms of the plan.