§480J-2 Installment loans; requirements; payments. (a) [Repeal and reenactment on June 30, 2030. L 2025, c 116, §5.] Each installment loan transaction and renewal shall meet the following requirements:
(b) In an installment loan, a lender may contract for a once-every-two-weeks, twice-monthly, or monthly payment of the loan balance due, including the applicable portion of the interest, and earned monthly maintenance fee.
(c) [Repeal and reenactment on June 30, 2030. L 2025, c 116, §5.] For each cash or in-person payment made by a consumer, a lender shall give the consumer a written receipt with the lender's name and address, payment date, amount paid, and sufficient information to identify the account to which the payment is applied.
(d) Upon prepayment in full by the consumer, the lender shall refund:
(e) Upon request from a consumer or a consumer's agent, an installment lender shall provide confirmation of the amount required to discharge the installment loan obligation in full. When responding to a request under this subsection, the installment lender, at a minimum, shall include a statement of the amount required to discharge the consumer's obligation fully as of the date the notice is provided and for each of the next three business days following that date. The installment lender shall make the information required under this subsection available verbally and in writing and shall provide it in an expeditious manner but no later than five business days after receiving the request. [L 2021, c 56, pt of §2; am L 2025, c 116, §2]