(1) Loans will probably be repayable in significantly equal and consecutive monthly payments of principal and interest combined, except that the installment that is first may meet or exceed a month by no more than fifteen times, plus the very very first installment re payment quantity might be bigger than the rest of the re re payments by the level of interest charged for the additional times; and offered further that month-to-month installment payment dates are omitted to allow for borrowers with regular earnings.
(2) A licensee may charge interest following the initial or deferred maturity of a precomputed loan at the price or prices supplied in unit (A) with this area on all unpaid principal balances for the time outstanding. (3) When any loan agreement is compensated in complete by cash, renewal, refinancing, or even a loan that is new a month or even more ahead of the last installment deadline, the licensee shall refund, or credit the debtor with, the sum total of this relevant costs for all completely unexpired installment periods, as originally scheduled or as deferred, that follow a single day of prepayment. The licensee may retain one-thirtieth of the applicable charge for a first installment period of one month for each day from date of loan to date of prepayment, and shall refund, or credit the borrower with, the balance of the total interest contracted for if the prepayment occurs prior to the first installment due date. (more…)