32-5-303. Borrower to receive copy of contract or statement of contents. (1) At the time a loan is made, there must be delivered to the borrower or borrowers the disclosures required by the federal Consumer Credit Protection Act and the federal Truth in Lending Act, 15 U.S.C. 1601, et seq., and a copy of the loan contract or a written statement showing in clear and distinct terms:

(a) the name and address of the lender and of one of the borrowers or a maker of the loan;

(b) the date of the loan contract;

(c) the description or schedule of payments;

(d) the principal amount of the loan excluding interest;

(e) the rate and amount of interest as provided in the contract;

(f) the amount collected or paid out for each kind of insurance, if any;

(g) the amount collected or paid out for filing and other fees as allowed in this chapter;

(h) the collateral or security for the loan including all other accommodation or other joint makers or comakers; and

(i) that the borrower may prepay the loan in whole or in part without penalty at any time during a licensee's regular business hours.

(2) Compliance with the disclosure requirements of the Truth in Lending Act, 15 U.S.C. 1601, et seq., does not constitute authorization to enlarge or modify the interest or the fees that may be charged under 32-5-301.

History: En. Sec. 12, Ch. 283, L. 1959; amd. Sec. 172, Ch. 431, L. 1975; R.C.M. 1947, 47-212(part); amd. Sec. 6, Ch. 424, L. 1981; amd. Sec. 4, Ch. 406, L. 1985; amd. Sec. 10, Ch. 372, L. 2007; amd. Sec. 9, Ch. 173, L. 2013.