955

(a) Granting and payment of loans. — Whenever a grantor awards any loan, it shall:(1) Deliver to the borrower, or if there are two (2) more, to one of them at option of the grantor, a document in which § 954 of this title shall be transcribed, indicate the disbursement date of said cash advance, the amount advanced in cash, the sum of the charges, the total amount of the obligation, a payment schedule or a description of payments, the name and address of the authorized office and the agreed charges.(2) Issue a receipt for every payment in cash made chargeable to a loan. This requirement may be complied with through the use of coupon books.(b) =it Admission of judgment=ro. — No concessionaire shall request admission of judgment, or legal power in his behalf or in behalf of a third person to admit a judgment or to appear in the name of a borrower in a judicial proceeding. History —June 28, 1965, No. 106, p. 278, § 15; Dec. 4, 1998, No. 290, § 8, eff. 30 days after Dec. 4, 1998.