Statutes, codes, and regulations
Arizona Administrative Code
Title 20 - COMMERCE, FINANCIAL INSTITUTIONS, AND INSURANCEChapter 04 - DEPARTMENT OF INSURANCE AND FINANCIAL INSTITUTIONS - FINANCIAL INSTITUTIONS
Article 5 - CONSUMER LENDERS
Section R20-4-508 - Cut-off Date for Computing Refunds upon Early Repayment in Full

Ariz. Admin. Code § 20-4-508

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Current through Register Vol. 30, No. 25, June 21, 2024
Section 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.

Ariz. Admin. Code § R20-4-508

Former Rule 8. R20-4-508recodified from R4-4-508 (Supp. 95-1). Amended by final rulemaking at 6 A.A.R. 4605, November 14, 2000 (Supp. 00-4). Amended by final rulemaking at 29 A.A.R. 1942, effective 10/7/2023.