(1) Loans will probably be repayable in significantly equal and consecutive equal payments of principal and interest combined, except that the very first installment duration may meet or exceed a month by no more than fifteen times, therefore the very first installment re payment amount might be bigger than the rest of the re payments by the level of interest charged for the additional times; and supplied further that month-to-month installment payment dates might be omitted to allow for borrowers with regular earnings.
(2) Payments may be used to the combined total of principal and interest that is precomputed readiness associated with the loan. A licensee may charge interest following the initial or deferred maturity of a loan that is precomputed the price or prices supplied in division (A) for this part on all unpaid principal balances when it comes to time outstanding.
(3) When any loan agreement is compensated in complete by money, renewal, refinancing, or even a brand new loan, a month or even more ahead of the last installment deadline, the licensee shall refund, or credit the borrower with, the full total associated with relevant prices for all completely unexpired installment durations, as originally scheduled or as deferred, that follow the afternoon of prepayment. The nearest scheduled installment due date shall be used in such computation if the prepayment is made other than on a scheduled installment installment due date.
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