Section 12-635 - Prepayment.
§ 12-635. Prepayment.
(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.
[An. Code 1957, art. 83, § 161; 1975, ch. 49, § 3.]
PART IV. PENALTIES