Prepaid Finance Charge Law and Legal Definition

According to 15 USCS Appx 12 CFR § 226.2 (23), [Title 15. Commerce and Trade; Chapter 41. Consumer Credit Protection; Truth in Lending Regulations. (Regulation Z); Subpart A. General] the term prepaid finance charge means “any finance charge paid separately in cash or by check before or at consummation of a transaction, or withheld from the proceeds of the credit at any time.”