54-3A-9. Rebate of portion of finance charge on prepayment or refinancing--Exceptions.
Upon prepayment in full of the unpaid balance of an installment sales contract, or upon a refinancing or a consolidation thereof, an amount equal to the total finance charge contracted for, less the finance charge earned, shall be rebated to the buyer. If the total of all rebates, refunds and credits to be paid to the buyer under this chapter is less than one dollar, no rebate need be made.
Source: SL 1974, ch 305, §3; SL 1984, ch 320, §2.
Structure South Dakota Codified Laws
Title 54 - Debtor and Creditor
Chapter 03A - Consumer Installment Sales Contracts
Section 54-3A-1 - Definition of terms.
Section 54-3A-2 - Items included in amount financed.
Section 54-3A-3 - Finance charges on installment sales contract.
Section 54-3A-6 - Commencement of term of obligation--Down payments.
Section 54-3A-8 - Rule for computing refund of charges on prepayment.
Section 54-3A-8.1 - Restriction on use of rule.
Section 54-3A-9 - Rebate of portion of finance charge on prepayment or refinancing--Exceptions.
Section 54-3A-10 - Rebate on acceleration of maturity.
Section 54-3A-11 - Delinquent installments--Notice of penalty to consumer.
Section 54-3A-12 - Imposition and collection of delinquency charge.
Section 54-3A-12.1 - Imposition and collection of returned check charge--Maximum.
Section 54-3A-14 - Unilateral deferral by creditor prohibited.
Section 54-3A-15 - Deferral agreement requirements.
Section 54-3A-16 - Deferral charge not collected on refinancing.
Section 54-3A-17 - Refinancing agreement--Rebate excluded.
Section 54-3A-18 - Refinancing agreement requirements.
Section 54-3A-19 - Creditor's remedies on delinquency.
Section 54-3A-20 - Debt forfeited for excessive charges--Costs and attorney fees.
Section 54-3A-21 - Limitation on action for excessive charges.
Section 54-3A-22 - Demand required before action for excessive charges.
Section 54-3A-23 - Proof of unintentional error.