§5324.  Schedule of penalties

No 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.