South Dakota Statutes
§ 54-3A-8 — Rule for computing refund of charges on prepayment.
As used in this chapter, unless the context otherwise requires, "Rule of 78" means a refund of charges which shall be at least as great a proportion of the total charges, as the sum of the remaining monthly balances of principal and interest combined scheduled to follow the date of prepayment bears to the sum of all the monthly balances of principal and interest combined originally scheduled by the loan agreement.
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South Dakota § 54-3A-8 (Rule for computing refund of charges on prepayment.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
SL 1974, ch 305, § 1 (9).
Nearby Sections
15
§ 54-1-2
Loan of money defined.§ 54-1-6
"Open account" defined.§ 54-1-7
Open account--Interest rates.§ 54-1-9
"Securitization" defined.§ 54-10-1
Definition of terms.§ 54-10-10
Value of security, determination by liquidator's sale of assets--Order of sale, requirements.§ 54-10-13
Uniformity of interpretation of chapter.