In the event of early payment, banks making open end lines of credit under Minn, Stat 47.59 may have to refund some part of the fees paid at the outset. For lines secured by real estate, the bank must refund the amount that the yield on the loan, calculated upon payment in full exceeds 21.75%.
HELOC originated 5/9/16 and charged $1000.00 origination fee. Loan was paid off and closed 6/14/16. How do we calculate the refund amount for APR tolerance?