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15 U.S. Code § 1605

Determination of finance charge

15 U.S. Code § 1605. Determination of finance charge

(a) “Finance charge” definedExcept as otherwise provided in this section, the amount of the finance charge in connection with any consumer credit transaction shall be determined as the sum of all charges, payable directly or indirectly by the person to whom the credit is extended, and imposed directly or indirectly by the creditor as an incident to the extension of credit. The finance charge does not include charges of a type payable in a comparable cash transaction. The finance charge shall not include fees and amounts imposed by third party closing agents (including settlement agents, attorneys, and escrow and title companies) if the creditor does not require the imposition of the charges or the services provided and does not retain the charges. Examples of charges which are included in the finance charge include any of the following types of charges which are applicable:
(1)
Interest, time price differential, and any amount payable under a point, discount, or other system or additional charges.
(2)
Service or carrying charge.
(3)
Loan fee, finder’s fee, or similar charge.
(4)
Fee for an investigation or credit report.
(5)
Premium or other charge for any guarantee or insurance protecting the creditor against the obligor’s default or other credit loss.
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