§ 5-2-210 — Right to prepay

Subject to the provisions on rebate upon
prepayment contained in section 5-2-211, the consumer may prepay in full, or in part
if payment is no less than five dollars, the unpaid balance of a consumer credit
transaction at any time without penalty. A payment in the amount of a scheduled
installment, other than the last scheduled installment, not identified by the
consumer as a partial prepayment shall not be deemed to be a partial prepayment
regardless of when the payment is made if the amount equals the next scheduled
installment. If such a payment is applied by the creditor to the scheduled
installment, the payment shall be deemed to have been made on the due date for
the scheduled installment to which it was applied.

Legislative History

Source: L. 2000: Entire article R&RE, p. 1202, � 1, effective July 1.