In addition to contracting for a security interest pursuant to the provisions on
security in sales or leases, section 3-301, a seller in a consumer credit sale may
secure the debt arising from the sale by contracting for a security interest in other
property if as a result of a prior sale the seller has an existing security interest
in the other property. The seller may also contract for a security interest in the
property sold in the subsequent sale as security for the previous debt.
1973, c. 762, §1 (NEW)
If the seller contracts for a security interest in other property pursuant to this
section, the rate of finance charge thereafter on the aggregate unpaid balances so
secured may not exceed that permitted if the balances so secured were consolidated
pursuant to the provisions on consolidation involving a refinancing, section 2-505,
subsection 1. The seller has a reasonable time after so contracting to make any adjustments
required by this section. "Seller" in this section does not include an assignee not
related to the original seller.
1987, c. 129, §60 (AMD)
1973, c. 762, §1 (NEW).
1987, c. 129, §60 (AMD).
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