§ 51-13-03 — Finance charge limitation

1. A retail seller may contract for in a retail installment contract and charge, receive, and
collect the finance charge computed on the principal balance of the contract or
obligation from the date thereof until paid. A retail seller who complies with the
disclosure provisions of this chapter is deemed a regulated lender under section
47-14-09.
2. The finance charge must be computed on the amount financed as determined under
subdivision c of subsection 2 of section 51-13-02. This finance charge may be
precomputed on the amount financed calculated on the assumption that all scheduled
payments will be paid when due and the effect of prepayment is governed by the
provisions on rebate upon prepayment.
3. When a retail installment contract provides for unequal or irregular installments, the
finance charge must be at the effective rate provided in subsection 1, having due
regard for the schedule of installments.
4. The finance charge must be inclusive of all charges incident to investigating and
making the contract, and for the extension of the credit provided for in the contract and
no fee, expense, or other charge whatsoever may be taken, received, reserved, or
contracted for except as provided in this section and in subdivision e of subsection 2 of
section 51-13-02 and for those items expressly provided for in the retail installment
contract as set forth in subdivision c of subsection 2 of section 51-13-02.