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Required fields are marked with an. First Name. Last Name. E-Mail Address. This guide details the handling, storage, installation and maintenance of Fender Systems. This guide details the handling, storage, installation and maintenance of Pneumatic Fenders. This guide details the handling, storage, installation and maintenance of Parallel Motion Fenders.
This guide details the handling, storage, installation and maintenance of Super Cone and Super Cell Fenders. Sign In Register. Filed: February 3rd, Precedential Status: Precedential. Citations: F. Docket Number: The issue is whether Rollins' failure to disclose the date on which the finance charge on Krenisky's promissory note began to accrue violated the disclosure requirements of the Act.
We conclude that no violation was shown and therefore reverse the judgment and remand with instructions to dismiss the complaint. On its face, the promissory note that Rollins required Krenisky to sign does not indicate the date on which the finance charge began to accrue.
Subsequently, however, Krenisky received a payment book which indicated that the monthly payments were due on the 10th of each month. Because this date differed from the date of the transaction, August 22, and Rollins had not disclosed an accrual date, Krenisky contended that Rollins had violated section Rollins agreed that the date of Krenisky's transaction was August 22 and that its documents failed to indicate the "accrual date.
In addition, Rollins argued that even if the accrual date were different from the transaction date, Krenisky had failed to prove this alternate date and therefore could not prevail.
The District Court did not find that interest had begun to accrue at a date different from the date of the transaction. Rather, noting the confusion resulting from the various dates on which the finance charge might have begun to accrue, the Court concluded that Rollins was obligated to disclose the accrual date. The central purpose of the regulatory requirement of disclosure of the accrual date where different from the transaction date is to permit accurate calculation of the annual percentage rate, perhaps the single most useful disclosure mandated by the Act.
In a closed-end transaction such as Krenisky's consumer loan, the annual percentage rate is a derived figure, calculated from i the amount of the finance charge, ii the amount of credit extended, and iii the term of the extension of credit--the time period between the date interest starts accruing and the date of the last payment.
If the transaction date and the accrual date do not coincide, the effective interest rate will be lower than the rate derived from the transaction date if the accrual date is later, and higher if the accrual date is earlier. If two creditors claim to be charging identical annual rates but one commences accruing finance charges months prior to the date of the transaction, he charges a higher effective annual rate although the disclosed rates are identical.
Krenisky infers from the irregularly long first-payment period, August 22 to October 6 or 10, that the accrual date could not have been the transaction date. Working backward from the disclosed finance charge, annual percentage rate, and last-payment date, he derived an accrual date slightly later than the transaction date.
This conclusion does not necessarily follow.
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