Definition of Finance charge
The consideration for privilege of deferring payments of purchase price. The amount however denominated or expressed which the retail buyer contracts to pay or pays for the privilege of purchasing goods or services to be paid for by the buyer in installments; it does not include the amounts, if any, charged for insurance premiums, delinquency charges, attorney’s fees, court costs, collection expenses or official fees. All charges incident to or condition of credit. Such costs are regulated by state and federal "truth-in-lending” statutes which require full disclosure of finance charges on credit agreements, billing statements, and the like. See Truth-in-Lending Act.
That's the definition of Finance charge in Black's Law Dictionary 6th Edition. Courtesy of Cekhukum.com.