44-293. Motor vehicle; refinancing retail
installment contract
A. The holder of a contract, upon request by the buyer, may extend the scheduled
due date of all or any part of any installment or installments, defer payment or
payments, renew or restate the unpaid time balance of such contract, the amount of the
installments and the time schedule therefor and may collect for such extension,
deferment, renewal or restatement a refinance charge computed at the discretion of the
holder as provided in subsection B of this section.
B. If the unpaid time balance of the contract is extended, deferred, renewed or
restated, the holder may compute the refinance charge on such amount by adding to the
unpaid balance the cost for insurance and other benefits incidental to the refinancing
plus any accrued delinquency and collection charges, and deducting any refund which may
be due the buyer by prepayment pursuant to section 44-291, for unearned finance charges
specified by the contract and by reclassifying the motor vehicle by its then year model,
for the term of the refinancing agreement, but otherwise subject to the provisions of
this article governing computation of the original finance charge. The provisions of
this article governing the minimum finance charge under the refund schedule shall apply
in calculating refinance charges on the contract renewed under this method of
computation.
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