Section 17:3B-22 - Prepayment in a closed end credit arrangementa. An individual borrower may prepay a loan in full at any time without payment of any prepayment charge.b. If a borrower wishes to prepay a loan, a lender shall not use the "rule of 78's" to calculate the amount of interest owed by the borrower. The lender shall use a simple interest basis to calculate the amount of interest owed by the borrower.L.1985, c.81, s.19, eff. 3/14/1985.