Printable Format16a-2-508. (UCCC) Conversion to open-end credit. The parties may agree to add the unpaid balance of a consumer credit transaction not made pursuant to open-end credit to the consumer's open-end credit account with the creditor. The unpaid balance so added shall be an amount equal to the amount financed determined according to the provisions on finance charge on refinancing.
History: L. 1973, ch. 85, § 36; L. 2024, ch. 6, § 59; January 1, 2025.
KANSAS COMMENT, 2000
The parties may agree to add a closed end consumer loan or consumer credit sale to an open end account. This section provides that the old loan or sale is treated as being refinanced at the time of the conversion and the unpaid balance resulting from the refinancing (K.S.A. 16a-2-504) is added to the open end account.