SPIRO T. AGNEW, Governor                         667

whichever shall be the shorter. Thereafter, interest shall be at six
(6) per centum per annum. Such interest shall be in lieu of charges
which otherwise would accrue after such installment date.

(h) Sections 16(c), (d), (e) and (f) shall apply to loans made

under Section 16A.

17.

(a) Every licensee shall give or deliver to the borrower, at the time
a loan is made, a statement in the English language showing in clear
and distinct terms the amount and date of the loan and of its
maturity, the nature of the security, if any_; for the loan, the name
and address of the borrower, and of the licensee, and the rate of

interest contracted for under Section 16(a), or the charges con-

tracted for under Section 16A9a). If the loan would refinance a

prior loan made by the licensee under this article, the statement shall
also show any deduction or payment for interest or charges on the
prior loan. AND RATE OF INTEREST CONTRACTED FOR AND
THE TOTAL AMOUNT OF INTEREST TO BE COLLECTED
STATED IN DOLLARS. If interest is contracted for under Section
16(a), the statement shall quote Sections 16(a) and 16(b) of this

Article. If charges are contracted for under Section 16A(a), the

(b) Every licensee shall give or deliver to the borrower a receipt
for all payments made on account of a loan under this article within
ten (10) days of receipt of payment. , provided, however, that no such

receipt shall be required for loans made pursuant to Section 16A,

date each installment is due, the amount of each installment and the

identification number or other identification of the account.

(c)  Every licensee shall permit payment of a loan in full at any
time. For any loan made pursuant to Section 16 (a) of this article,
partial prepayment shall in like manner be permitted. Each such
partial prepayment shall be applied first to interest on the unpaid
balances to date of payment. The remainder, if any, shall be applied
in reduction of such unpaid balances. For any loan made pursuant to

Section 16A(a) of this article, no licensee shall be required to accept

any partial prepayment in an amount not equal to one or more full

installments. Partial prepayments shall be held and applied to unpaid
installments as they become due. The receipt and application of such

partial prepayments shall not be deemed a receipt of interest or

charges or of any other benefit, for purposes of this article.

(d)   Upon repayment of the loan in full, every licensee shall mark
indelibly every note, contract or other evidence of obligation signed
by the borrower and in possession of the licensee with the word
"paid" or "canceled", and release any mortgage, any security agree-
ment, or any other form of security instrument, which no longer
secures any indebtedness to the licensee, restore any pledge or certifi-
cate of title, and cancel and return any note, contract or other
evidence of obligation then in the possession of the licensee and
given to the licensee by the borrower.

(e)  Every licensee shall upon request of the borrower furnish him
with a written statement of his account, but shall not be required
to do so more frequently than once in each thirty (30) day period.