754

Notwithstanding the provisions to the contrary in any other contract, any buyer may pay the full amount of the contract any time before the final installment of the deferred balance of the contract is due. In such cases, the principal due on the date of payment, plus any balance to cover charges or interest earned as to that date shall be cancelled. If the contract includes a sum for insurance, a refund or credit shall be issued by virtue of the payment in advance, regardless of whether the advanced maturity of the deferred balance was caused by his/her own default. The procedure for computing the refunds or credits shall be established through regulations approved by the Board. Unearned interest shall not be collected or withheld. History —June 19, 1964, No. 68, p. 192, § 2014, renumbered as § 214 and amended on May 31, 1972, No. 78, p. 171, § 10; Dec. 23, 1998, No. 310, § 8, eff. 60 days after Dec. 23, 1998.