Current with changes from the 2024 legislative session effective on or before 7/1/2024, from Acts 2,3, 6-535, and 580-647
Section 9:5324 - Schedule of penaltiesNo penalty for the prepayment of any indebtedness evidenced by an instrument which is secured by a mortgage on rural property may exceed:
(1) five percent of the unpaid principal balance if prepaid during the first year from the date of the instrument;(2) four percent of the unpaid principal balance if prepaid during the second year from the date of the instrument;(3) three percent of the unpaid principal balance if prepaid during the third year from the date of the instrument;(4) two percent of the unpaid principal balance if prepaid during the fourth year from the date of the instrument;(5) one percent of the unpaid principal balance if prepaid during the fifth year from the date of the instrument;(6) no prepayment penalty shall be assessed if prepaid more than five years from the date of the instrument.Added by Acts 1977, No. 251, §1.Added by Acts 1977, No. 251, §1.