Mich. Admin. Code R. 493.24 - Monthly statements
Rule 24. A licensee shall provide each borrower listed on a loan document with a monthly statement of account that includes all of the following:
(a) Borrower's name and
address.
(b) Loan number.
(c) Loan amount.
(d) Loan date.
(e) Rate of charge.
(f) Amount of filing or discharge fees
collected from the borrower.
(g)
Any amount received or withheld from the borrower as a premium for insurance in
connection with the loan, and the period covered by such insurance policy or
policies.
(h) The date and amounts
of all principal payments received, interest charges received, fees received,
fees assessed, and cash disbursements pertaining to the loan, including court
costs.
(i) The date to which
interest charges are current, any unpaid fees, and the balance due on the
principal.
Notes
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