Section 54-3A-17 - Refinancing agreement--Rebate excluded--Loans made under installment loanprovisions excluded. - South Dakota Statutes

54-3A-17. Refinancing agreement--Rebate excluded--Loans made under installment loan provisions excluded. A creditor may, by written agreement with the buyer, refinance the unpaid balance and may contract for and receive a finance charge based on the amount refinanced. Any rebate which would be due to the buyer under § 54-3A-9 if he were prepaying in full on the date of the refinancing shall be excluded from the amount to be refinanced, and for the purpose of computing this rebate no minimum charge shall be allowed to the creditor. However, any loan made pursuant to chapter 54-6 is not subject to this section, even though all or part of the proceeds of such loan are applied to the unpaid balance of a sale made under this chapter.

Source: SL 1974, ch 305, § 13; SL 1975, ch 299, § 5; SL 1982, ch 343, § 4.