32-5-304. Receipts -- return of note. Every licensee shall:
     (1) give to the borrower a plain and complete receipt in a form approved by the department for every payment made in cash on account of any loan at the time the payment is made;
     (2) endorse indelibly on a loan ledger or card, which must be kept by the licensee, the amount and date of each payment made by the borrower. Subject to the prior written approval of the department, mechanical data processing methods may be used. The department may approve any system containing information that is equivalent to that required on a loan ledger or card.
     (3) upon repayment of the loan in full, mark indelibly every obligation and security signed by the borrower with the word "paid" or "canceled" and release any mortgage, restore any pledge, and cancel and return to the borrower any note and any assignment given to the licensee within 10 days after the repayment. The canceled notes and canceled assignments must be mailed to the borrower at the borrower's last-known address unless returned to the borrower in person.

     History: En. Sec. 12, Ch. 283, L. 1959; amd. Sec. 172, Ch. 431, L. 1975; R.C.M. 1947, 47-212(part); amd. Sec. 1, Ch. 84, L. 1981; amd. Sec. 1053, Ch. 56, L. 2009.