54-3A-18. Refinancing agreement requirements.
A refinancing agreement shall:
(1)Be in writing and be signed by the parties;
(2)Incorporate by reference the transaction to which the refinancing agreement applies;
(3)State the amount that is to be refinanced, the date or dates on which the installments were originally payable and the date or dates on which they will become payable; and
(4)State the amount of the charge to be paid by the buyer for the privilege of refinancing, which shall be the difference between the total amount of the finance charge that was to have been paid under the terms of the original contract computed on the assumption that all scheduled installments would have been paid when due and the total finance charge that is to be paid pursuant to the refinancing computed on the assumption that all scheduled installments will be paid when due.
Source: SL 1974, ch 305, §14.