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<section article="gcl" article_name="Commercial Law" number="12-1025" title_number="12" title_name="Credit Regulations" subtitle_number="10" subtitle_name="Credit Grantor Closed End Credit Provisions">
  <level label="a">
    <text>A credit grantor who receives scheduled monthly periodic payments on more than five loans secured by any interest in residential real property or tangible personal property shall furnish to the consumer borrower a written statement informing the consumer borrower of the amount of:</text>
    <level label="1">
      <text>If the interest and charges on the loan were precomputed:</text>
      <level label="i">
        <text>Payments credited to reducing the outstanding unpaid balance of the loan, either in terms of a total dollar figure or individually itemized; and</text>
      </level>
      <level label="ii">
        <text>The remaining outstanding unpaid balance of the loan; or</text>
      </level>
    </level>
    <level label="2">
      <text>If the interest and charges on the loan were not precomputed:</text>
      <level label="i">
        <text>Payments credited to reducing the outstanding unpaid principal balance of the loan, either in terms of a total dollar figure or individually itemized;</text>
      </level>
      <level label="ii">
        <text>Payments credited to interest and fees, either in terms of a total dollar figure or individually itemized; and</text>
      </level>
      <level label="iii">
        <text>The remaining outstanding unpaid principal balance of the loan.</text>
      </level>
    </level>
  </level>
  <level label="b">
    <text>At the option of the credit grantor, each written statement shall contain the information required in subsection (a)(1)(i) and (2)(i) and (ii) of this section either from the date the loan was made or, if previous written statements have been furnished to the consumer borrower, from the date of the last written statement.</text>
  </level>
  <level label="c">
    <text>The written statement shall be furnished to the consumer borrower:</text>
    <level label="1">
      <text>In the case of loans secured by any interest in residential real property, at least annually; and</text>
    </level>
    <level label="2">
      <text>In the case of loans secured by any interest in residential real property or tangible personal property, within a reasonable time after receipt of a written request of a consumer borrower provided the request is made at a reasonable time or interval since the furnishing of the last written statement.</text>
    </level>
  </level>
  <level label="d">
    <text>A credit grantor may charge a fee of up to $5 for each written statement requested by a consumer borrower.</text>
  </level>
</section>
