Section 13-04.1-09.3 - Maximum charges permitted for loans - Installment payments - Permitted charges1. Interest charges and other fees must be set at rates, amounts, and terms as agreed to by the parties within the loan contract. However, a licensee may not contract for or receive finance charges pursuant to a loan in excess of an annual rate of thirty-six percent, including all charges and fees necessary for the extension of credit incurred at the time of origination.2. Additional charges may be assessed for nonpayment or late payment as agreed to by the parties within the loan contract. However, a licensee may not contract for or receive charges in excess of five percent of the payment. For loans originated for fifty thousand dollars or less, these charges may not exceed twenty dollars for each nonpayment or late payment. The charge may be collected at the time of the default or any time after default. However, if the charge is taken out of any payment received after a default occurs and if the deduction results in the default of a subsequent payment, a charge may not be made for the subsequent default.3. The restrictions outlined in subsections 1, 2, and 4 do not apply to court costs; lawful fees for the filing, recording, or releasing in any public office of any instrument securing a loan; or the identifiable charge or premium for insurance provided for by rule.4. Additional restrictions for small loans originated for less than two thousand dollars include the following:a. Installment loans must be paid in equal installments as agreed to by the parties within the loan contract. However, the maximum term for installment loans may not exceed thirty-six months, and a balloon payment is prohibited.b. Outstanding balances of existing loans may be refinanced into a new small loan of less than two thousand dollars, but the combination of any refinance fees along with any fees collected as part of the original loans may not exceed one hundred dollars per calendar year.c. Additional charges may be assessed as part of a loan extension or deferment of payment agreed to by the parties within the agreement. However, a licensee may not contract for or receive charges in excess of one hundred dollars for these loan extensions or deferments per calendar year.Amended by S.L. 2023 , ch. 138( SB 2090 ), § 7, eff. 7/1/2023.Added by S.L. 2021 , ch. 112( SB 2103 ), § 2, eff. 8/1/2021.