The holder of a precomputed retail installment contract may, upon written agreement with the retail buyer, extend the scheduled due date, or defer the scheduled payment of all or part of any installment payment or payments, or renew the balance of such contract. In any such case the holder may restate the amount of the installments and the time schedule therefor, and collect as a refinance charge for such extension, deferment or renewal, a flat service fee not to exceed $5 and a total additional charge not exceeding the simple interest annual percentage rate under the original retail installment contract calculated on the respective descending balances computed from the date of such extension, deferment or renewal.
1957 c 266 s 9; 1976 c 86 s 2; 1987 c 349 art 2 s 14; 2005 c 19 s 1
Structure Minnesota Statutes
Chapter 53C — Motor Vehicle Retail Installment Sales
Section 53C.01 — Motor Vehicle Retail Installment Sales; Definitions.
Section 53C.02 — Sales Finance Company; License, Fees, Refund.
Section 53C.03 — Suspension Or Revocation Of Vehicle Sales Finance Company License; Appeal.
Section 53C.04 — Complaint Alleging Violation Of Vehicle Sale Installment Contract Laws.
Section 53C.05 — Testimonial Powers Of Commissioner.
Section 53C.07 — Vehicle Sales Finance Company Books Of Account, Annual Report.
Section 53C.08 — Motor Vehicle Retail Installment Contract.
Section 53C.083 — Consumer Report Disclosure.
Section 53C.09 — Finance Charge On Installment Contract For Vehicle Or Manufactured Home.
Section 53C.10 — Vehicle Installment Contract Prepayment, Refund Credits, Allowance.
Section 53C.11 — Extension Of Vehicle Installment Contract Schedules, Payments.
Section 53C.12 — Vehicle Sales Finance Company Violations; Remedies.