§ 12-635. Prepayment

Latest version.

(a) Buyer's right to prepay. -- A sales finance company shall permit a buyer to prepay in full or in part at any time, without penalty, the outstanding balance payable under a renewal, extension, or refund agreement.

(b) Refund of charges. -- If a buyer prepays the entire outstanding balance, the sales finance company shall pay or credit to him the unearned portion of the charge.

HISTORY: An. Code 1957, art. 83, § 161; 1975, ch. 49, § 3.

                    
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