§ 63.2. Computation.
(a) Charges shall be computed only on the principal balance due, for the actual time elapsed from the date of the loan to the date of payment.
(b) On defaulted loans in which the pledges are sold, the charges shall be computed only to the date of sale.
(c) Licensees may compute for a full month when a fractional part of a month elapses.
(d) Charges shall not be collected or deducted in advance and shall not be compounded.
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