diff --git a/src/simplewallet/simplewallet.cpp b/src/simplewallet/simplewallet.cpp
index b0aec186c..40226ec34 100644
--- a/src/simplewallet/simplewallet.cpp
+++ b/src/simplewallet/simplewallet.cpp
@@ -849,11 +849,17 @@ bool simple_wallet::make_multisig(const std::vector<std::string> &args)
 
 bool simple_wallet::finalize_multisig(const std::vector<std::string> &args)
 {
-  if (!m_wallet->multisig())
+  bool ready;
+  if (!m_wallet->multisig(&ready))
   {
     fail_msg_writer() << tr("This wallet is not multisig");
     return true;
   }
+  if (ready)
+  {
+    fail_msg_writer() << tr("This wallet is already finalized");
+    return true;
+  }
 
   const auto orig_pwd_container = get_and_verify_password();
   if(orig_pwd_container == boost::none)
@@ -887,11 +893,17 @@ bool simple_wallet::finalize_multisig(const std::vector<std::string> &args)
 
 bool simple_wallet::export_multisig(const std::vector<std::string> &args)
 {
-  if (!m_wallet->multisig())
+  bool ready;
+  if (!m_wallet->multisig(&ready))
   {
     fail_msg_writer() << tr("This wallet is not multisig");
     return true;
   }
+  if (!ready)
+  {
+    fail_msg_writer() << tr("This multisig wallet is not yet finalized");
+    return true;
+  }
   if (args.size() != 1)
   {
     fail_msg_writer() << tr("usage: export_multisig_info <filename>");
@@ -937,12 +949,18 @@ bool simple_wallet::export_multisig(const std::vector<std::string> &args)
 
 bool simple_wallet::import_multisig(const std::vector<std::string> &args)
 {
+  bool ready;
   uint32_t threshold, total;
-  if (!m_wallet->multisig(&threshold, &total))
+  if (!m_wallet->multisig(&ready, &threshold, &total))
   {
     fail_msg_writer() << tr("This wallet is not multisig");
     return true;
   }
+  if (!ready)
+  {
+    fail_msg_writer() << tr("This multisig wallet is not yet finalized");
+    return true;
+  }
   if (args.size() < threshold - 1)
   {
     fail_msg_writer() << tr("usage: import_multisig_info <filename1> [<filename2>...] - one for each other participant");
@@ -1065,11 +1083,17 @@ bool simple_wallet::accept_loaded_tx(const tools::wallet2::multisig_tx_set &txs)
 
 bool simple_wallet::sign_multisig(const std::vector<std::string> &args)
 {
-  if(!m_wallet->multisig())
+  bool ready;
+  if(!m_wallet->multisig(&ready))
   {
     fail_msg_writer() << tr("This is not a multisig wallet");
     return true;
   }
+  if (!ready)
+  {
+    fail_msg_writer() << tr("This multisig wallet is not yet finalized");
+    return true;
+  }
   if (args.size() != 1)
   {
     fail_msg_writer() << tr("usage: sign_multisig <filename>");
@@ -1103,7 +1127,7 @@ bool simple_wallet::sign_multisig(const std::vector<std::string> &args)
   if (txids.empty())
   {
     uint32_t threshold;
-    m_wallet->multisig(&threshold);
+    m_wallet->multisig(NULL, &threshold);
     uint32_t signers_needed = threshold - signers - 1;
     success_msg_writer(true) << tr("Transaction successfully signed to file ") << filename << ", "
         << signers_needed << " more signer(s) needed";
@@ -1126,12 +1150,18 @@ bool simple_wallet::sign_multisig(const std::vector<std::string> &args)
 
 bool simple_wallet::submit_multisig(const std::vector<std::string> &args)
 {
+  bool ready;
   uint32_t threshold;
-  if (!m_wallet->multisig(&threshold))
+  if (!m_wallet->multisig(&ready, &threshold))
   {
     fail_msg_writer() << tr("This is not a multisig wallet");
     return true;
   }
+  if (!ready)
+  {
+    fail_msg_writer() << tr("This multisig wallet is not yet finalized");
+    return true;
+  }
   if (args.size() != 1)
   {
     fail_msg_writer() << tr("usage: submit_multisig <filename>");
@@ -2717,11 +2747,12 @@ bool simple_wallet::open_wallet(const boost::program_options::variables_map& vm)
     }
 
     std::string prefix;
+    bool ready;
     uint32_t threshold, total;
     if (m_wallet->watch_only())
       prefix = tr("Opened watch-only wallet");
-    else if (m_wallet->multisig(&threshold, &total))
-      prefix = (boost::format(tr("Opened %u/%u multisig wallet")) % threshold % total).str();
+    else if (m_wallet->multisig(&ready, &threshold, &total))
+      prefix = (boost::format(tr("Opened %u/%u multisig wallet%s")) % threshold % total % (ready ? "" : " (not yet finalized)")).str();
     else
       prefix = tr("Opened wallet");
     message_writer(console_color_white, true) <<
diff --git a/src/wallet/wallet2.cpp b/src/wallet/wallet2.cpp
index 2bba6f9e1..9c2587f25 100644
--- a/src/wallet/wallet2.cpp
+++ b/src/wallet/wallet2.cpp
@@ -3039,7 +3039,7 @@ bool wallet2::verify_extra_multisig_info(const std::string &data, std::unordered
   return true;
 }
 
-bool wallet2::multisig(uint32_t *threshold, uint32_t *total) const
+bool wallet2::multisig(bool *ready, uint32_t *threshold, uint32_t *total) const
 {
   if (!m_multisig)
     return false;
@@ -3047,6 +3047,8 @@ bool wallet2::multisig(uint32_t *threshold, uint32_t *total) const
     *threshold = m_multisig_threshold;
   if (total)
     *total = m_multisig_signers.size();
+  if (ready)
+    *ready = !(get_account().get_keys().m_account_address.m_spend_public_key == rct::rct2pk(rct::identity()));
   return true;
 }
 
diff --git a/src/wallet/wallet2.h b/src/wallet/wallet2.h
index 8abc42ff3..79199a30c 100644
--- a/src/wallet/wallet2.h
+++ b/src/wallet/wallet2.h
@@ -598,7 +598,7 @@ namespace tools
     bool testnet() const { return m_testnet; }
     bool restricted() const { return m_restricted; }
     bool watch_only() const { return m_watch_only; }
-    bool multisig(uint32_t *threshold = NULL, uint32_t *total = NULL) const;
+    bool multisig(bool *ready = NULL, uint32_t *threshold = NULL, uint32_t *total = NULL) const;
     bool has_multisig_partial_key_images() const;
 
     // locked & unlocked balance of given or current subaddress account
diff --git a/src/wallet/wallet_rpc_server.cpp b/src/wallet/wallet_rpc_server.cpp
index ac991d861..043890fd1 100644
--- a/src/wallet/wallet_rpc_server.cpp
+++ b/src/wallet/wallet_rpc_server.cpp
@@ -2342,7 +2342,7 @@ namespace tools
   bool wallet_rpc_server::on_is_multisig(const wallet_rpc::COMMAND_RPC_IS_MULTISIG::request& req, wallet_rpc::COMMAND_RPC_IS_MULTISIG::response& res, epee::json_rpc::error& er)
   {
     if (!m_wallet) return not_open(er);
-    res.multisig = m_wallet->multisig(&res.threshold, &res.total);
+    res.multisig = m_wallet->multisig(&res.ready, &res.threshold, &res.total);
     return true;
   }
   //------------------------------------------------------------------------------------------------------------------------------
@@ -2468,12 +2468,19 @@ namespace tools
       er.message = "Command unavailable in restricted mode.";
       return false;
     }
-    if (!m_wallet->multisig())
+    bool ready;
+    if (!m_wallet->multisig(&ready))
     {
       er.code = WALLET_RPC_ERROR_CODE_NOT_MULTISIG;
       er.message = "This wallet is not multisig";
       return false;
     }
+    if (!ready)
+    {
+      er.code = WALLET_RPC_ERROR_CODE_NOT_MULTISIG;
+      er.message = "This wallet is multisig, but not yet finalized";
+      return false;
+    }
 
     std::vector<tools::wallet2::multisig_info> info;
     try
@@ -2514,13 +2521,20 @@ namespace tools
       er.message = "Command unavailable in restricted mode.";
       return false;
     }
+    bool ready;
     uint32_t threshold, total;
-    if (!m_wallet->multisig(&threshold, &total))
+    if (!m_wallet->multisig(&ready, &threshold, &total))
     {
       er.code = WALLET_RPC_ERROR_CODE_NOT_MULTISIG;
       er.message = "This wallet is not multisig";
       return false;
     }
+    if (!ready)
+    {
+      er.code = WALLET_RPC_ERROR_CODE_NOT_MULTISIG;
+      er.message = "This wallet is multisig, but not yet finalized";
+      return false;
+    }
 
     if (req.info.size() < threshold - 1)
     {
@@ -2607,13 +2621,20 @@ namespace tools
       er.message = "Command unavailable in restricted mode.";
       return false;
     }
+    bool ready;
     uint32_t threshold, total;
-    if (!m_wallet->multisig(&threshold, &total))
+    if (!m_wallet->multisig(&ready, &threshold, &total))
     {
       er.code = WALLET_RPC_ERROR_CODE_NOT_MULTISIG;
       er.message = "This wallet is not multisig";
       return false;
     }
+    if (ready)
+    {
+      er.code = WALLET_RPC_ERROR_CODE_ALREADY_MULTISIG;
+      er.message = "This wallet is multisig, and already finalized";
+      return false;
+    }
 
     if (req.multisig_info.size() < threshold - 1)
     {
diff --git a/src/wallet/wallet_rpc_server_commands_defs.h b/src/wallet/wallet_rpc_server_commands_defs.h
index d17af9980..bff4fdd7c 100644
--- a/src/wallet/wallet_rpc_server_commands_defs.h
+++ b/src/wallet/wallet_rpc_server_commands_defs.h
@@ -1499,11 +1499,13 @@ namespace wallet_rpc
     struct response
     {
       bool multisig;
+      bool ready;
       uint32_t threshold;
       uint32_t total;
 
       BEGIN_KV_SERIALIZE_MAP()
         KV_SERIALIZE(multisig)
+        KV_SERIALIZE(ready)
         KV_SERIALIZE(threshold)
         KV_SERIALIZE(total)
       END_KV_SERIALIZE_MAP()
diff --git a/tests/unit_tests/multisig.cpp b/tests/unit_tests/multisig.cpp
index 0e8a6b168..aab1ce420 100644
--- a/tests/unit_tests/multisig.cpp
+++ b/tests/unit_tests/multisig.cpp
@@ -94,11 +94,14 @@ static void make_M_2_wallet(tools::wallet2 &wallet0, tools::wallet2 &wallet1, un
 
   ASSERT_TRUE(wallet0.get_account().get_public_address_str(true) == wallet1.get_account().get_public_address_str(true));
 
+  bool ready;
   uint32_t threshold, total;
-  ASSERT_TRUE(wallet0.multisig(&threshold, &total));
+  ASSERT_TRUE(wallet0.multisig(&ready, &threshold, &total));
+  ASSERT_TRUE(ready);
   ASSERT_TRUE(threshold == M);
   ASSERT_TRUE(total == 2);
-  ASSERT_TRUE(wallet1.multisig(&threshold, &total));
+  ASSERT_TRUE(wallet1.multisig(&ready, &threshold, &total));
+  ASSERT_TRUE(ready);
   ASSERT_TRUE(threshold == M);
   ASSERT_TRUE(total == 2);
 }
@@ -149,14 +152,18 @@ static void make_M_3_wallet(tools::wallet2 &wallet0, tools::wallet2 &wallet1, to
   ASSERT_TRUE(wallet0.get_account().get_public_address_str(true) == wallet1.get_account().get_public_address_str(true));
   ASSERT_TRUE(wallet0.get_account().get_public_address_str(true) == wallet2.get_account().get_public_address_str(true));
 
+  bool ready;
   uint32_t threshold, total;
-  ASSERT_TRUE(wallet0.multisig(&threshold, &total));
+  ASSERT_TRUE(wallet0.multisig(&ready, &threshold, &total));
+  ASSERT_TRUE(ready);
   ASSERT_TRUE(threshold == M);
   ASSERT_TRUE(total == 3);
-  ASSERT_TRUE(wallet1.multisig(&threshold, &total));
+  ASSERT_TRUE(wallet1.multisig(&ready, &threshold, &total));
+  ASSERT_TRUE(ready);
   ASSERT_TRUE(threshold == M);
   ASSERT_TRUE(total == 3);
-  ASSERT_TRUE(wallet2.multisig(&threshold, &total));
+  ASSERT_TRUE(wallet2.multisig(&ready, &threshold, &total));
+  ASSERT_TRUE(ready);
   ASSERT_TRUE(threshold == M);
   ASSERT_TRUE(total == 3);
 }