Itemized Receipt Required

Itemized Receipt Required. For each payment made on account of any loan, the Licensee shall give to the person making the payment a receipt specifying in plain, clear, and simple terms the amount of the payment, an itemized line for EACH FEE being incurred that day, any fees deferred and unpaid during the life of the loan, and the balance owing on the combined principal and fees following the account credit for the payment. A copy or scan of each receipt shall be kept in the account holder’s records.