§ 40-14-319 — Rebate upon prepayment

(a) Except as provided in subsection (b) of this section,
upon prepayment in full of the unpaid balance of a precomputed
consumer loan, refinancing or consolidation, the unearned loan
finance charge shall be refunded based on the Rule of 78's if
the transaction under its original terms did not exceed
sixty-one (61) monthly installments and upon the actuarial
method, if the transaction by its original terms exceeded
sixty-one (61) monthly installments. An amount not less than the
unearned portion of the loan finance charge calculated according
to this section shall be rebated to the debtor. With respect to
irregular payment transactions, the administrator may prescribe
by rule the refund formula. If the rebate otherwise required is
less than one dollar ($1.00), no rebate need be made.
(b) Upon prepayment in full of a consumer loan, other than
one pursuant to a revolving loan account, a refinancing or
consolidation, whether or not precomputed, the lender may
collect or retain a minimum loan finance charge within the
limits stated in W.S. 40-14-310(f).
(c) If a deferral (W.S. 40-14-313) has been agreed to, the
unearned portion of the loan finance charge shall be computed
without regard to the deferral. The amount of deferral charge
earned at the date of prepayment shall also be calculated. If
the deferral charge earned is less than the deferral charge
paid, the difference shall be added to the unearned portion of
the loan finance charge. If any part of a deferral charge has
been earned but has not been paid, that part shall be subtracted
from the unearned portion of the loan finance charge or shall be
added to the unpaid balance.
(d) This section does not preclude the collection or
retention by the lender of delinquency charges (W.S. 40-14-312).
(e) If the maturity is accelerated for any reason and
judgment is obtained, the debtor is entitled to the same rebate
as if the payment had been made on the date judgment is entered.
(f) Upon prepayment in full of a consumer loan by the
proceeds of consumer credit insurance (W.S. 40-14-403), the
debtor or his estate is entitled to the same rebate as though
the debtor had prepaid the agreement on the date the proceeds of
the insurance are paid to the lender, but no later than ten (10)
business days after satisfactory proof of loss is furnished to
the lender.
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