A fee imposed upon a borrower who satisfies a loan prior to the date of payment specified in the loan agreement.
Many home mortgages provide that if the persons who borrowed the money want to repay their mortgage within two years, they must pay an acquisition charge of a small percentage of the outstanding balance of the mortgage. Prepayment penalty is another name for acquisition charge.
"Acquisition Charge." West's Encyclopedia of American Law. . Encyclopedia.com. (November 14, 2018). https://www.encyclopedia.com/law/encyclopedias-almanacs-transcripts-and-maps/acquisition-charge
"Acquisition Charge." West's Encyclopedia of American Law. . Retrieved November 14, 2018 from Encyclopedia.com: https://www.encyclopedia.com/law/encyclopedias-almanacs-transcripts-and-maps/acquisition-charge
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