D.C. Mun. Regs. tit. 26, r. 26-C2516

Current through Register Vol. 71, No. 49, December 6, 2024

Rule 26-C2516 - RECEIPTS: STATEMENT OF ACCOUNT

2516.1

When any payment is made on account of any retail installment contract, the seller receiving the payment shall, if the payment is made in cash, give the buyer a written receipt for the payment including the date and amount of payment.

2516.2

If the buyer specifies that the payment is made on one of several obligations, the receipt shall state the obligation(s) to which the payment is to be applied.

2516.3

With respect to other than an open end credit plan, within six (6) months after the execution of a retail installment transaction, and within every six-month period thereafter until the buyer has discharged all obligations under the contract, the seller or a subsequent assignee, in addition to any other statements or notices required by this chapter, shall send to the buyer upon written request a statement of account which shall list the following items:

(a) The annual percentage rate or rates;

(b) The amounts, if any, which have become due but remain unpaid, setting forth any charge for delinquencies, expenses of repossession, and extensions; and

(c) The dollar amount not due but still to be paid and the remaining period the agreement is to run.

2516.4

The buyer shall be entitled to only one statement under § 2516.3 in any six-month period free of charge. The sum of one dollar ($ 1.00) may be charged for each additional written statement requested by the buyer before supplying the additional written statement.

D.C. Mun. Regs. tit. 26, r. 26-C2516

Regulation No. 71-18, 17 DCR 815 (June 28, 1971); 5P DCRR § 4.101