Refund Calculations; Prepayment

Refund Calculations; Prepayment. 1. Any refund that is due to any account holder due to accidental overpayment, prepayment or early payoff shall be promptly issued to the account holder. 2. Notice shall be provided to an account holder in writing of any refund due and owing for more than 45 days. 3. When any agreement is paid in full, the Licensee shall credit or refund all unearned Handling Fees. The sum of the digits or rule of 78ths method of calculating prepaid refunds is prohibited. 4. All refunds shall be documented on a receipt, signed by the account holder acknowledging receipt thereof. 5. All refund receipts and all notice letters regarding refunds shall be maintained within the customer’s file. 6. No penalty shall be incurred by the account holder as a result of prepayment.