HERBERT R. O'CONOR, GOVERNOR. 1505

buyer, or credited against any amounts then due under the
agreement by the buyer to the seller or holder.

(d) If the amount charged for insurance exceeds the amount
authorized by section (a), the difference may be deducted by
the buyer from the amount of any payment or payments and,
if neither such party to the instrument nor his assignee com-
plies with the requirements of sub-section (b), the buyer may
deduct the full amount charged him for such insurance from
any payment or payments. Unless such amount in either case
is so deducted, the last payment or payments which the buyer
shall be obligated to make under the agreement shall be re-
duced by the amount charged for such insurance. The pro-
visions of this section are in addition to and not in substi-
tution for any other applicable provision of law.

115. Extra Charges. No seller, sales finance company or
holder shall directly or indirectly charge, contract for, or
receive from the buyer or any surety or guarantor for him any
charge or amount whatsoever on account of, or in connection
with, an instalment agreement, for the extension of credit,
interest, fees, commissions, delinquency, collection, reposses-
sion, and foreclosure, or otherwise, excepting only:

(a) the time balance in an instalment sale agreement, sub-
ject to the provisions of Section 131;

(b) official fees actually paid to public officials in connec-
tion with proceedings to recover possession of the goods, to
enforce any obligation of the buyer or his surety or guarantor,
or to realize upon any security interest or collateral, if allowed
by the court as costs;

(c) premiums for insurance authorized by Section 114, if
no charge was made in the agreement on account of such insur-
ance for the period covered;

(d) sums paid for copies of agreements and statements of
account pursuant to Section 121; and

(e) charges permitted by Sections 125 and 127 for delin-
quencies, and repossession expenses, or by law for extensions,
and refunds.

116. Refunds of Deposits, (a) Whenever, under any in-
stalment sale agreement, the buyer is required to make one or
more payments to the seller in addition to any down payment
made at the time of the execution of the agreement, before
the seller is obligated to deliver the goods sold, then the buyer
may, at any time before delivery or tender of the goods by the
seller, cancel the agreement. Thereupon, notwithstanding any
provision of the agreement, the seller shall be obligated to re-
fund to the buyer, within ten (10) days after notice of such
cancellation, an amount equal to at least ninety per cent
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