WILLIAM DONALD SCHAEFER, Governor Ch. 651

WILL BE SENT IN THE BORROWER'S NEXT PERIODIC STATEMENT AND SHALL
INCLUDE IN BOTH NOTICES OF AMENDMENT A STATEMENT IN 10 POINT TYPE
ON A FORM THE COMMISSIONER APPROVES THAT:

(I)  A STATEMENT THAT, IF A WRITTEN NOTICE OF
REFUSAL FROM THE BORROWER IN WHICH THE BORROWER REFUSES TO ACCEPT
THE AMENDMENT IS NOT RECEIVED BY THE CREDIT GRANTOR WITHIN 25
DAYS OF THE MAILING OF THE SECOND NOTICE OF AMENDMENT, THE
AMENDMENT WILL BECOME EFFECTIVE ON THE FIRST DAY OF THE BILLING
CYCLE DURING WHICH THE EFFECTIVE DATE OF THE AMENDMENT OCCURS OR
AT ANY LATER DATE SPECIFIED IN THE NOTICE OF AMENDMENT; AND

(II)  ENUMERATES THE BORROWER'S RIGHTS UNDER
PARAGRAPHS (4) AND (5) (5) AND (6) OF THIS SUBSECTION UPON TIMELY
NOTICE OF REFUSAL BY THE BORROWER; AND

(III)   INCLUDES THE ADDRESS TO WHICH THE
BORROWER MAY SEND NOTICE OF A REFUSAL.

(8) THE ORIGINAL NOTICE OF AMENDMENT UNDER SUBSECTION
(B) OF THIS SECTION, SHALL BE ENCLOSED IN AN ENVELOPE THAT
CONTAINS ON ITS FACE A STATEMENT IN 10 POINT TYPE THAT AN
IMPORTANT NOTICE CONCERNING A CHANGE IN TERMS OF AN INCREASE IN
RATES OR FEES OF THE REVOLVING CREDIT PLAN IS ENCLOSED.

(7) (9) THIS SUBSECTION DOES NOT APPLY TO ANY
EXTENSIONS OF CREDIT SECURED BY REAL PROPERTY.

(D) (1) NOTWITHSTANDING SUBSECTION (C) OF THIS SECTION, AT
THE ELECTION OF THE CREDIT GRANTOR, AN AMENDMENT MADE UNDER THIS
SECTION MAY BECOME EFFECTIVE AS TO A PARTICULAR BORROWER ON THE
FIRST DAY OF THE BILLING CYCLE IN WHICH THE BORROWER:

(I)  MAKES A PURCHASE OR OBTAINS A LOAN UNDER
THE PLAN, AFTER THE DATE SPECIFIED IN THE NOTICE OF AMENDMENT
WHICH IS NOT LESS THAN 25 DAYS AFTER THE DATE THE NOTICE OF
AMENDMENT WAS MAILED; OR

(II)  SENDS A NOTICE OF AGREEMENT TO THE CREDIT
GRANTOR IN WHICH THE BORROWER EXPRESSLY AGREES TO THE AMENDMENT.

(2) IN ADDITION TO THE REQUIREMENTS OF SUBSECTION (B)
OF THIS SECTION, A CREDIT GRANTOR ELECTING TO AMEND THE AGREEMENT
GOVERNING A REVOLVING CREDIT PLAN UNDER THIS SUBSECTION SHALL
INCLUDE IN THE NOTICE OF AMENDMENT A STATEMENT THAT THE AMENDMENT
WILL BECOME EFFECTIVE ON THE FIRST DATE OF THE BILLING CYCLE
DURING WHICH THE BORROWER:

(I) MAKES A PURCHASE OR OBTAINS A     LOAN UNDER

THE PLAN, SO LONG AS THE PURCHASE IS MADE OR THE LOAN   IS OBTAINED

AFTER A SPECIFIC DATE WHICH IS AT LEAST 25 DAYS AFTER  THE MAILING
OF THE NOTICE OF AMENDMENT; OR

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