Minnesota § 48.154 - PREPAYMENT, EXTENSION OF TERMS
Full text of Minnesota Minnesota Statutes § 48.154 — PREPAYMENT, EXTENSION OF TERMS, with citation guidance and answers to common questions.
§ 48.154. PREPAYMENT, EXTENSION OF TERMS
The borrower may repay the entire balance or any portion of the balance of an installment loan in advance without penalty. An installment loan contract may provide that the parties, before or after default, may agree in writing to an extension of all or part of the unpaid installments and collect as an extension fee a finance charge not exceeding that rate agreed to in the original loan contract. No such extension shall be permitted to cause repayment of a loan to exceed those maturities set down in section 48.153. One day's finance charge shall mean an amount equal to 1/365 of the per annum rate provided for in an installment loan.
History:
1945 c 544 s 2; 1965 c 171 s 10; 1976 c 196 s 3
Official Publication of the State of Minnesota
Revisor of Statutes
Frequently Asked Questions About Minnesota § 48.154
What does Minnesota Statutes § 48.154 cover?
Section 48.154 ("PREPAYMENT, EXTENSION OF TERMS") is part of the Minnesota Statutes, the codified statutory law of Minnesota. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Minnesota § 48.154?
A common citation format is "Minnesota Statutes § 48.154" (Minnesota). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Minnesota law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Minnesota official source linked on this page or consult a licensed Minnesota attorney.
How does Minnesota § 48.154 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Minnesota can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Minnesota.