North Dakota § 51-13-05 - Prepayment of retail installment contract
Full text of North Dakota North Dakota Century Code § 51-13-05 — Prepayment of retail installment contract, with citation guidance and answers to common questions.
§ 51-13-05. Prepayment of retail installment contract
1. At any time before maturity, a buyer may pay in full the remaining principal due on a retail installment contract and is entitled to a refund of finance charges as follows: a. The refund must be at least the finance charge paid in excess of that computed under the simple interest method, using the annual percentage rate disclosed under federal law to the nearest one-fourth of one percent. b. For a retail installment contract in which the amount financed is not more than ten thousand dollars, an acquisition cost of at most fifteen dollars may be deducted from the refund. c. For all retail installment contracts, a refund is not required if it is less than one dollar. 2. Notwithstanding section 51-13-06.2, this section applies to retail installment contracts for agricultural purposes and to retail installment contracts for more than twenty-five thousand dollars.
Source: official North Dakota text · Last verified 2026-08-27
Frequently Asked Questions About North Dakota § 51-13-05
What does North Dakota Century Code § 51-13-05 cover?
Section 51-13-05 ("Prepayment of retail installment contract") is part of the North Dakota Century Code, the codified statutory law of North Dakota. 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 North Dakota § 51-13-05?
A common citation format is "North Dakota Century Code § 51-13-05" (North Dakota). 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 North Dakota law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the North Dakota official source linked on this page or consult a licensed North Dakota attorney.
How does North Dakota § 51-13-05 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in North Dakota 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 North Dakota.