Same: Consolidation

(1)This Section applies to a transaction involving a consumer credit sale other than one pursuant to a revolving charge account.

(2)If a buyer has an unpaid balance owing to seller or his transferee with respect to a previous consumer credit sale to a previous Consumer Credit Sale and he enters into a subsequent consumer credit sale with the same seller, the parties may agree to a consolidation resulting in a single schedule of payments pursuant to either Subsections

(a)or (b):

(a)The parties may agree to refinance the unpaid balance with COL120106 CH. 2 CREDIT SALES respect to the previous sale pursuant to the provisions on refinancing § 2205) and to consolidate the amount financed resulting from the refinancing by adding it to the amount financed with respect to the subsequent sale. The seller or his transferee may contract for and receive a credit service charge based on the aggregate amount financed resulting from the consolidation at a rate not in excess of that permitted by the provisions on credit service charge for consumer credit sales § 2201);

(b)The parties may agree to consolidate by adding together the unpaid balances with respect to the two sales.