Extended first payments, interest after maturity, rebates of unearned charges, and renewals

renewals (a) Extended first payments. To determine the due date for loans under which the first payment is extended for a charge, the actual number of days in the extension period shall be counted from the date of the loan and a month, as determined under subsection (b) of section 36a-563 of the Connecticut General Statutes, added to the date so obtained. (b) Interest after maturity. Interest after maturity shall be computed from the maturity date or deferred maturity date as applicable and shall be computed at a rate no higher than twelve per cent per year computed on a daily basis on the respective unpaid balances. (c) Rebates of unearned charges. (1) Where prepayment in full occurs on or before the fifteenth day following an instalment period due date, the rebate shall be calculated as of the due date immediately preceding the date of prepayment. (2) Where prepayment in full occurs on or after the sixteenth day following an instalment period due date, the rebate shall be calculated as of the due date immediately following the date of prepayment. (3) In the event prepayment occurs before the first instalment period due date, the entire first month's charges shall be earned, except where prepayment occurs during any paid first payment extension period, in which case only the first month's charge shall be earned and the extension charge shall be refunded. (4) In the event prepayment occurs after any paid first payment extension period, but before the first instalment period due date, both the extension charge and the first month's charges shall be earned. (d) Renewals or refinances. No loan shall be renewed or refinanced unless a distinct advantage to the borrower results therefrom. Restoration to a contractually up-to-date condition shall not, in itself, constitute a distinct advantage to the borrower.