Minnesota § 53C.11 EXTENSION OF VEHICLE INSTALLMENT CONTRACT SCHEDULES, PAYMENTS

Minnesota Statutes

§ 53C.11 — EXTENSION OF VEHICLE INSTALLMENT CONTRACT SCHEDULES, PAYMENTS

Minnesota § 53C.11

PartBANKING

Ch. 53CMOTOR VEHICLE RETAIL INSTALLMENT SALES

This text of Minnesota § 53C.11 (EXTENSION OF VEHICLE INSTALLMENT CONTRACT SCHEDULES, PAYMENTS) is published on Counsel Stack Legal Research, covering Minnesota primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Minn. Stat. § 53C.11 (2026).

Text

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.

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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.