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

If a borrower repays a loan before the due date of the final installment, the licensee shall calculate any refund or credit due on the precomputed 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.