§ 19-14.2-4 - Documents delivered to borrower – Advance payments – Release of security. - Rhode-island Statutes

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Statutes > Rhode-island > Title-19 > Chapter-19-14-2 > 19-14-2-4

SECTION 19-14.2-4

§ 19-14.2-4 Documents delivered toborrower – Advance payments – Release of security. – Every small loan lender who is the holder of any note shall:

(1) Give to the borrower or the borrower's agent makingpayment a plain and complete receipt for all payments on the loan at the timethe payment is made, in person, at the small loan lender's office;

(2) Permit payment to be made in advance in any amount on anycontract of loan at any time, but the small loan lender may apply the paymentfirst to all interest in full at the agreed rate and other permitted charges,up to the date of the payment; and

(3) Upon repayment of the loan in full, mark indelibly everyobligation and security signed by the borrower with the word "paid" or"canceled" and restore any pledge, cancel and return any note or a copy of thenote, and cancel and return any assignment or a copy of the assignment given tothe small loan lender by the borrower.

State Codes and Statutes

Statutes > Rhode-island > Title-19 > Chapter-19-14-2 > 19-14-2-4

SECTION 19-14.2-4

§ 19-14.2-4 Documents delivered toborrower – Advance payments – Release of security. – Every small loan lender who is the holder of any note shall:

(1) Give to the borrower or the borrower's agent makingpayment a plain and complete receipt for all payments on the loan at the timethe payment is made, in person, at the small loan lender's office;

(2) Permit payment to be made in advance in any amount on anycontract of loan at any time, but the small loan lender may apply the paymentfirst to all interest in full at the agreed rate and other permitted charges,up to the date of the payment; and

(3) Upon repayment of the loan in full, mark indelibly everyobligation and security signed by the borrower with the word "paid" or"canceled" and restore any pledge, cancel and return any note or a copy of thenote, and cancel and return any assignment or a copy of the assignment given tothe small loan lender by the borrower.

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State Codes and Statutes

Statutes > Rhode-island > Title-19 > Chapter-19-14-2 > 19-14-2-4

SECTION 19-14.2-4

§ 19-14.2-4 Documents delivered toborrower – Advance payments – Release of security. – Every small loan lender who is the holder of any note shall:

(1) Give to the borrower or the borrower's agent makingpayment a plain and complete receipt for all payments on the loan at the timethe payment is made, in person, at the small loan lender's office;

(2) Permit payment to be made in advance in any amount on anycontract of loan at any time, but the small loan lender may apply the paymentfirst to all interest in full at the agreed rate and other permitted charges,up to the date of the payment; and

(3) Upon repayment of the loan in full, mark indelibly everyobligation and security signed by the borrower with the word "paid" or"canceled" and restore any pledge, cancel and return any note or a copy of thenote, and cancel and return any assignment or a copy of the assignment given tothe small loan lender by the borrower.