Section 63.15. Partial payments

Latest version.

(a) Partial payments on account of accrued charges may be accepted. If such a partial payment is made, receipt shall be shown by either:
(1) entering the receipt on the reverse side of the pledgor’s copy of the pawn ticket and on the licensee’s records; or
(2) issuance of a renewal pawn ticket.
(b) Partial payments on account of principal, with payment of all accrued charges, shall operate as a renewal loan. The licensee shall issue a new pawn ticket for the reduced principal amount.

                    
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