Minnesota Legislature
Office of the Revisor of Statutes
2007 Minnesota Statutes
This is an historical version of this statute chapter. Also view the most recent published version.
53C.11 EXTENSION OF VEHICLE INSTALLMENT CONTRACT SCHEDULES,
PAYMENTS.
The holder of a precomputed retail installment contract may, upon written agreement with
the retail buyer, extend the scheduled due date, or defer the scheduled payment of all or part of
any installment payment or payments, or renew the balance of such contract. In any such case the
holder may restate the amount of the installments and the time schedule therefor, and collect as
a refinance charge for such extension, deferment or renewal, a flat service fee not to exceed $5
and a total additional charge not exceeding the simple interest annual percentage rate under the
original retail installment contract calculated on the respective descending balances computed
from the date of such extension, deferment or renewal.
History: 1957 c 266 s 9; 1976 c 86 s 2; 1987 c 349 art 2 s 14; 2005 c 19 s 1
PAYMENTS.
The holder of a precomputed retail installment contract may, upon written agreement with
the retail buyer, extend the scheduled due date, or defer the scheduled payment of all or part of
any installment payment or payments, or renew the balance of such contract. In any such case the
holder may restate the amount of the installments and the time schedule therefor, and collect as
a refinance charge for such extension, deferment or renewal, a flat service fee not to exceed $5
and a total additional charge not exceeding the simple interest annual percentage rate under the
original retail installment contract calculated on the respective descending balances computed
from the date of such extension, deferment or renewal.
History: 1957 c 266 s 9; 1976 c 86 s 2; 1987 c 349 art 2 s 14; 2005 c 19 s 1
Official Publication of the State of Minnesota
Revisor of Statutes