In precomputed loan transactions where the borrower and lender execute an extension agreement for the deferral of an installment payment, the lender may make an interest charge on the monthly installment that is deferred at a rate not exceeding that on the original loan for each month or portion of a month that the payment has been deferred.   

  History: 1978 Comp., § 58-7-3.2, enacted by Laws 1983, ch. 96, § 2.