Section R20-4-508. Cut-off Date for Computing Refunds upon Early Repayment in Full

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If a borrower repays a loan before the due date of the final install- ment, a licensee shall calculate any refund or credit due on the pre- computed loan using the following rules:

1. A licensee shall credit any full repayment, made on or before the 15th day following an installment date, as if received on the last previous installment date.

2. A licensee shall credit any full repayment, made on or after the 16th day following an installment date, as if received on the next installment date.

Historical Note

Former Rule 8. R20-4-508 recodified from R4-4-508 (Supp. 95-1). Amended by final rulemaking at 6 A.A.R.

4605, November 14, 2000 (Supp. 00-4).

                    
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