54-4-58 Information required in contract.
Information required in contract.
The licensee shall disclose in any loan contract the
The amount and date of the loan;
The amount of the down payment, if any;
The dates any payments are due and the amount of payments;
A list of any property used to secure the loan;
Any liens or title filings required;
The method used to compute the charges;
An explanation of any fee or charge, including the cost of the loan as an annual
percentage rate (APR);
Any fee or charge that may be applied for delinquency;
The conditions for an extension of payment or maturity of the loan;
Refinancing requirements, including any fee or charge; and
The address and telephone number of the Division of Banking and that any improprieties
in making the loan or in loan practices may be referred to the division.
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The licensee shall provide a copy of the loan contract to the debtor. A violation of this section
is a Class 2 misdemeanor.
Source: SL 1998, ch 280, § 23; SL 2006, ch 245, § 2.
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