Acts and Regulations

2010-104 - General

Full text
Rebates
13If a borrower must decline a rebate, or a portion of a rebate, in order to enter into a credit agreement at a particular interest rate, the APR and the total cost of credit are calculated on the assumption that the value received or to be received by the borrower is the cash price of the product, as determined without regard to the rebate, less the amount of the declined rebate or portion of a rebate.
Rebates
13If a borrower must decline a rebate, or a portion of a rebate, in order to enter into a credit agreement at a particular interest rate, the APR and the total cost of credit are calculated on the assumption that the value received or to be received by the borrower is the cash price of the product, as determined without regard to the rebate, less the amount of the declined rebate or portion of a rebate.