Written statement to borrower; copy of draft or order for payment.
1. If the account of a borrower on a loan for an indefinite term shows a balance due or if any debits or credits were entered on that account during a billing cycle, the licensee shall furnish to the borrower, within a reasonable time after the end of the billing cycle, a written statement setting forth:
(a) The unpaid balance in his account at the beginning of the billing cycle;
(b) The date and amount of any loans or advances made on the account during the billing cycle;
(c) Any payments or other credits made or received on the account during the billing cycle;
(d) The amount of interest and other charges, if any, made on the account during the billing cycle;
(e) The amount of the installment due and the date on which that payment must be received; and
(f) The total amount remaining unpaid in the account at the end of that billing cycle.
2. The licensee shall also, upon written request of the borrower, furnish to the borrower a copy of any draft or order for payment received on the account of the borrower during the billing cycle.
Last modified: February 26, 2006