358-K:1 Definitions. – In this chapter: I. "Actuarial method" means the method of allocating payments made on a debt between the unpaid principal balance and the interest and other charges pursuant to which a payment is applied first to the interest and other charges due and any remainder is subtracted from the unpaid principal […]
358-K:2 Rebate of Interest Upon Prepayment of Precomputed Consumer Credit Transaction Entered Into Prior to July 1, 1985. – I. Notwithstanding any other law to the contrary, upon prepayment in full of a precomputed consumer credit transaction, pursuant to acceleration or otherwise, the creditor shall rebate to the consumer an amount not less than […]
358-K:3 Advance Collection of Interest in Consumer Credit Transactions Prohibited After June 30, 1985. – Notwithstanding any other law to the contrary, with respect to closed-end consumer credit transactions entered into after June 30, 1985, interest shall be collected only as earned, and no interest on such transactions shall be paid, deducted or added […]
358-K:4 Actuarial Method Required for Computation of Interest on Closed-End Consumer Credit Transactions Entered Into After June 30, 1985. – Interest on closed-end consumer credit transactions entered into after June 30, 1985 shall be contracted for at an annual rate or rates and computed only on the scheduled outstanding balances of the amount financed […]
358-K:4-a Exception to Achieve a Common or Convenient Monthly Payment Date. – Any provision of this chapter to the contrary notwithstanding, interest on any closed-end consumer credit transaction may be collected in advance for origination fees at the inception of such transaction or for a fractional part of a month (less than 30 days) […]
358-K:5 Penalty. – Any person who willfully violates any provision of this chapter shall be guilty of a misdemeanor. Source. 1983, 463:1, eff. Aug. 26, 1983.
358-K:6 Application of Chapter to Types of Transactions. – The provisions of this chapter shall apply to all consumer credit transactions, both secured and unsecured, including those transactions secured by a real property mortgage. The provisions of this chapter shall not apply to student loans, the proceeds of which are exclusively for the payment […]
