Consumer complaint received 2023-06-05
Product: Credit card or prepaid card — General-purpose credit card or charge card
Issue: Problem with a purchase shown on your statement — Credit card company isn't resolving a dispute about a purchase on your statement
Company: WELLS FARGO & COMPANY (GA)

XXXX XXXX Main Office : XXXX XXXX XXXX, XXXX, GA XXXX XXXX XXXX : XXXX XXXX  XXXX, XXXX, GA XXXX XXXX XXXX : XXXX XXXX XXXX, XXXX XXXX XXXX, XXXX, GA XXXX ( XXXX ) XXXX RE : XXXX XXXX  ( XXXXXXXX XXXX XXXXXXXX XXXX XXXX XXXX  ) XXXX XXXX Account : XXXX XXXX ACCOUNT : XXXX XXXX XXXX XXXXXXXX XXXX XXXX CASE XXXX PLEASE SEND THE COMPLAINT TO THE ABOVE XXXX  XXXX Dear Friend : In XX/XX/2022 I purchased a new HVAC home system for and all in finance cost of {$8.00}. I was informed by the XXXX  sales person that the equipment was being financed without interest. 

I was under the assumption that XXXX  would service and managed the relationship. 

Upon receiving my first billing invoice I was surprised that all customer service phone numbers and efforts to contact were Wells Fargo Bank retaIl credit servicing. IN FACT, IT WAS THE CREDIT CARD GROUP. 
I WAS NOT INFORMED THAT I WAS APPLYING FOR A WELLS FARGO LOAN OR CREDIT CARD. 

Wells Fargo involvement was not disclosed previously I would not have finance a purchase with Wells Fargo due my previous experience of horrible service and consumer abuse. In addition, XXXX XXXX has a well documented history of customer fraud with XXXX XXXX  and other historically disadvantaged groups. 

I paid my first monthly payment with my XXXX XXXX XXXX in XXXX. When billed. In XXXX was surprised that the invoice classified my account as past due. 

Upon contacting Wells Fargo, because I could not find XXXX contact information, I discovered that my account had been classified as past due because Wells Fargo does the accept payments from XXXX XXXX. 

When. I made the XXXX payment, the XXXX XXXX card was not rejected nor was there a disclosure warning against bank card acceptance. 

The remedies following : The removal of all late fees from my account. 
Disclosure of the effective interest rate embedded and principal balance. 
Restitution for failure to disclose Wells Fargo as the servicer and lender. 
Loan transfer solutions LEGAL CONSIDERATIONS : Wells Fargo Federal and XXXX XXXX XXXX violations STATE OF GEORGIA Every consumer loan transaction shall be pursuant to a written loan contract which may include a loan voucher, itemized statement of loan and charges, and disclosure statement. The loan contract shall be signed by the consumer and delivered to the consumer at the time it is executed by him or her. The loan contract shall be contained in a single document which may contain more than one page. 

Sincerely, XXXX XXXX, CFA WELL FARGO WAS NOT DISCLOSED AS THE LENDER THE PRINCIPAL AND INTEREST RATE WAS NOT DISCLOSED WELLS FARGO FEDERAL VIOLATIONS 1026.18 Content of disclosures. 
For each transaction other than a mortgage transaction subject to 1026.19 ( e ) and ( f ), the creditor shall disclose the following information as applicable : ( a ) Creditor. The identity of the creditor making the disclosures. 
( b ) Amount financed. The amount financed, using that term, and a brief description such as the amount of credit provided to you or on your behalf. The amount financed is calculated by : ( 1 ) Determining the principal loan amount or the cash price ( subtracting any downpayment ) ; ( 2 ) Adding any other amounts that are financed by the creditor and are not part of the finance charge ; and ( 3 ) Subtracting any prepaid finance charge. 
( c ) Itemization of amount financed. 
( 1 ) Except as provided in paragraphs ( c ) ( 2 ) and ( c ) ( 3 ) of this section, a separate written itemization of the amount financed, including : ( i ) The amount of any proceeds distributed directly to the consumer. 
( ii ) The amount credited to the consumer 's account with the creditor. 
( iii ) Any amounts paid to other persons by the creditor on the consumer 's behalf. The creditor shall identify those persons. The following payees may be described using generic or other general terms and need not be further identified : public officials or government agencies, credit reporting agencies, appraisers, and insurance companies. 
( iv ) The prepaid finance charge. 
( 2 ) The creditor need not comply with paragraph ( c ) ( 1 ) of this section if the creditor provides a statement that the consumer has the right to receive a written itemization of the amount financed, together with a space for the consumer to indicate whether it is desired, and the consumer does not request it. 
( 3 ) Good faith estimates of settlement costs provided for transactions subject to the Real Estate Settlement Procedures Act ( 12 U.S.C. 2601 et seq. ) may be substituted for the disclosures required by paragraph ( c ) ( 1 ) of this section.

( d ) Finance charge. The finance charge, using that term, and a brief description such as the dollar amount the credit will cost you. 
( 1 ) Mortgage loans. In a transaction secured by real property or a dwelling, the disclosed finance charge and other disclosures affected by the disclosed finance charge ( including the amount financed and the annual percentage rate ) shall be treated as accurate if the amount disclosed as the finance charge : ( i ) Is understated by no more than {$100.00} ; or ( ii ) Is greater than the amount required to be disclosed. 
( 2 ) Other credit. In any other transaction, the amount disclosed as the finance charge shall be treated as accurate if, in a transaction involving an amount financed of {$1000.00} or less, it is not more than {$5.00} above or below the amount required to be disclosed ; or, in a transaction involving an amount financed of more than {$1000.00}, it is not more than {$10.00} above or below the amount required to be disclosed. 
( e ) Annual percentage rate. The annual percentage rate, using that term, and a brief description such as the cost of your credit as a yearly rate. For any transaction involving a finance charge of {$5.00} or less on an amount financed of {$75.00} or less, or a finance charge of {$7.00} or less on an amount financed of more than {$75.00}, the creditor need not disclose the annual percentage rate. 
( f ) Variable rate. 
( 1 ) Except as provided in paragraph ( f ) ( 3 ) of this section, if the annual percentage rate may increase after consummation in a transaction not secured by the consumer 's principal dwelling or in a transaction secured by the consumer 's principal dwelling with a term of one year or less, the following disclosures : ( i ) The circumstances under which the rate may increase.

( ii ) Any limitations on the increase. 
( iii ) The effect of an increase. 
( iv ) An example of the payment terms that would result from an increase. 
( 2 ) If the annual percentage rate may increase after consummation in a transaction secured by the consumer 's principal dwelling with a term greater than one year, the following disclosures : ( i ) The fact that the transaction contains a variable-rate feature. 
( ii ) A statement that variable-rate disclosures have been provided earlier. 
( XXXX ) Information provided in accordance with 1026.18 ( f ) ( 2 ) and 1026.19 ( b ) may be substituted for the disclosures required by paragraph ( f ) ( 1 ) of this section. 
( g ) Payment schedule. Other than for a transaction that is subject to paragraph ( s ) of this section, the number, amounts, and timing of payments scheduled to repay the obligation.

( 1 ) In a demand obligation with no alternate maturity date, the creditor may comply with this paragraph by disclosing the due dates or payment periods of any scheduled interest payments for the first year. 
( 2 ) In a transaction in which a series of payments varies because a finance charge is applied to the unpaid principal balance, the creditor may comply with this paragraph by disclosing the following information : ( i ) The dollar amounts of the largest and smallest payments in the series.

( ii ) A reference to the variations in the other payments in the series.

( h ) Total of payments. The total of payments, using that term, and a descriptive explanation such as the amount you will have paid when you have made all scheduled payments. In any transaction involving a single payment, the creditor need not disclose the total of payments.

( i ) Demand feature. If the obligation has a demand feature, that fact shall be disclosed. When the disclosures are based on an assumed maturity of 1 year as provided in 1026.17 ( c ) ( 5 ), that fact shall also be disclosed. 
( j ) Total sale price. In a credit sale, the total sale price, using that term, and a descriptive explanation ( including the amount of any downpayment ) such as the total price of your purchase on credit, including your downpayment of $ __. The total sale price is the sum of the cash price, the items described in paragraph ( b ) ( 2 ), and the finance charge disclosed under paragraph ( d ) of this section.

( k ) Prepayment.

( 1 ) When an obligation includes a finance charge computed from time to time by application of a rate to the unpaid principal balance, a statement indicating whether or not a charge may be imposed for paying all or part of a loan 's principal balance before the date on which the principal is due.

( 2 ) When an obligation includes a finance charge other than the finance charge described in paragraph ( k ) ( 1 ) of this section, a statement indicating whether or not the consumer is entitled to a rebate of any finance charge if the obligation is prepaid in full or in part.

( l ) Late payment. Any dollar or percentage charge that may be imposed before maturity due to a late payment, other than a deferral or extension charge.

( m ) Security interest. The fact that the creditor has or will acquire a security interest in the property purchased as part of the transaction, or in other property identified by item or type.

( n ) Insurance and debt cancellation. The items required by 1026.4 ( d ) in order to exclude certain insurance premiums and debt cancellation fees from the finance charge.

( o ) Certain security interest charges. The disclosures required by 1026.4 ( e ) in order to exclude from the finance charge certain fees prescribed by law or certain premiums for insurance in lieu of perfecting a security interest.

( p ) Contract reference. A statement that the consumer should refer to the appropriate contract document for information about nonpayment, default, the right to accelerate the maturity of the obligation, and prepayment rebates and penalties. At the creditor 's option, the statement may also include a reference to the contract for further information about security interests and, in a residential mortgage transaction, about the creditor 's policy regarding assumption of the obligation.

( q ) Assumption policy. In a residential mortgage transaction, a statement whether or not a subsequent purchaser of the dwelling from the consumer may be permitted to assume the remaining obligation on its original terms.

( r ) Required deposit. If the creditor requires the consumer to maintain a deposit as a condition of the specific transaction, a statement that the annual percentage rate does not reflect the effect of the required deposit. A required deposit need not include, for example : ( 1 ) An escrow account for items such as taxes, insurance or repairs ; ( 2 ) A deposit that earns not less than 5 percent per year; or ( 3 ) Payments under a Morris Plan.

( s ) Interest rate and payment summary for mortgage transactions. For a closed-end transaction secured by real property or a dwelling, other than a transaction that is subject to 1026.19 ( e ) and ( f ), the creditor shall disclose the following information about the interest rate and payments : ( 1 ) Form of disclosures. The information in paragraphs ( s ) ( 2 ) - ( 4 ) of this section shall be in the form of a table, with no more than five columns, with headings and format substantially similar to Model Clause H-4 ( E ), H-4 ( F ), H-4 ( G ), or H-4 ( H ) in appendix H to this part. The table shall contain only the information required in paragraphs ( s ) ( 2 ) - ( 4 ) of this section, shall be placed in a prominent location, and shall be in a minimum 10-point font.

( 2 ) Interest rates ( i ) Amortizing loans.

( A ) For a fixed-rate mortgage, the interest rate at consummation.

( B ) For an adjustable-rate or step-rate mortgage : ( 1 ) The interest rate at consummation and the period of time until the first interest rate adjustment may occur, labeled as the introductory rate and monthly payment ; ( 2 ) The maximum interest rate that may apply during the first five years after the date on which the first regular periodic payment will be due and the earliest date on which that rate may apply, labeled as maximum during first five years ; and ( 3 ) The maximum interest rate that may apply during the life of the loan and the earliest date on which that rate may apply, labeled as maximum ever.

( C ) If the loan provides for payment increases as described in paragraph ( s ) ( 3 ) ( i ) ( B ) of this section, the interest rate in effect at the time the first such payment increase is scheduled to occur and the date on which the increase will occur, labeled as first adjustment if the loan is an adjustable-rate mortgage or, otherwise, labeled as first increase.

( ii ) Negative amortization loans. For a negative amortization loan : ( A ) The interest rate at consummation and, if it will adjust after consummation, the length of time until it will adjust, and the label introductory or intro ; ( B ) The maximum interest rate that could apply when the consumer must begin making fully amortizing payments under the terms of the legal obligation ; ( C ) If the minimum required payment will increase before the consumer must begin making fully amortizing payments, the maximum interest rate that could apply at the time of the first payment increase and the date the increase is scheduled to occur ; and ( D ) If a second increase in the minimum required payment may occur before the consumer must begin making fully amortizing payments, the maximum interest rate that could apply at the time of the second payment increase and the date the increase is scheduled to occur.

( iii ) Introductory rate disclosure for amortizing adjustable-rate mortgages. For an amortizing adjustable-rate mortgage, if the interest rate at consummation is less than the fully-indexed rate, placed in a box directly beneath the table required by paragraph ( s ) ( 1 ) of this section, in a format substantially similar to Model Clause H-4 ( I ) in appendix H to this part : ( A ) The interest rate that applies at consummation and the period of time for which it applies ; ( B ) A statement that, even if market rates do not change, the interest rate will increase at the first adjustment and a designation of the place in sequence of the month or year, as applicable, of such rate adjustment ; and ( C ) The fully-indexed rate.

( 3 ) Payments for amortizing loans ( i ) Principal and interest payments. If all periodic payments will be applied to accrued interest and principal, for each interest rate disclosed under paragraph ( s ) ( 2 ) ( i ) of this section : ( A ) The corresponding periodic principal and interest payment, labeled as principal and interest ; ( B ) If the periodic payment may increase without regard to an interest rate adjustment, the payment that corresponds to the first such increase and the earliest date on which the increase could occur ; ( C ) If an escrow account will be established, an estimate of the amount of taxes and insurance, including any mortgage insurance or any functional equivalent, payable with each periodic payment ; and ( D ) The sum of the amounts disclosed under paragraphs ( s ) ( 3 ) ( i ) ( A ) and ( C ) of this section or ( s ) ( 3 ) ( i ) ( B ) and ( C ) of this section, as applicable, labeled as total estimated monthly payment.

( ii ) Interest-only payments. If the loan is an interest-only loan, for each interest rate disclosed under paragraph ( s ) ( 2 ) ( i ) of this section, the corresponding periodic payment and : ( A ) If the payment will be applied to only accrued interest, the amount applied to interest, labeled as interest payment, and a statement that none of the payment is being applied to principal ; ( B ) If the payment will be applied to accrued interest and principal, an itemization of the amount of the first such payment applied to accrued interest and to principal, labeled as interest payment and principal payment, respectively ; ( C ) The escrow information described in paragraph ( s ) ( 3 ) ( i ) ( C ) of this section ; and ( D ) The sum of all amounts required to be disclosed under paragraphs ( s ) ( 3 ) ( ii ) ( A ) and ( C ) of this section or ( s ) ( 3 ) ( ii ) ( B ) and ( C ) of this section, as applicable, labeled as total estimated monthly payment.

( 4 ) Payments for negative amortization loans. For negative amortization loans : ( i ) ( A ) The minimum periodic payment required until the first payment increase or interest rate increase, corresponding to the interest rate disclosed under paragraph ( s ) ( 2 ) ( ii ) ( A ) of this section ; ( B ) The minimum periodic payment that would be due at the first payment increase and the second, if any, corresponding to the interest rates described in paragraphs ( s ) ( 2 ) ( ii ) ( C ) and ( D ) of this section ; and ( C ) A statement that the minimum payment pays only some interest, does not repay any principal, and will cause the loan amount to increase ; ( ii ) The fully amortizing periodic payment amount at the earliest time when such a payment must be made, corresponding to the interest rate disclosed under paragraph ( s ) ( 2 ) ( ii ) ( B ) of this section ; and ( iii ) If applicable, in addition to the payments in paragraphs ( s ) ( 4 ) ( i ) and ( ii ) of this section, for each interest rate disclosed under paragraph ( s ) ( 2 ) ( ii ) of this section, the amount of the fully amortizing periodic payment, labeled as the full payment option, and a statement that these payments pay all principal and all accrued interest.

( 5 ) Balloon payments.

( i ) Except as provided in paragraph ( s ) ( 5 ) ( ii ) of this section, if the transaction will require a balloon payment, defined as a payment that is more than two times a regular periodic payment, the balloon payment shall be disclosed separately from other periodic payments disclosed in the table under this paragraph ( s ), outside the table and in a manner substantially similar to Model Clause H-4 ( J ) in appendix H to this part.

( ii ) If the balloon payment is scheduled to occur at the same time as another payment required to be disclosed in the table pursuant to paragraph ( s ) ( 3 ) or ( s ) ( 4 ) of this section, then the balloon payment must be disclosed in the table.

( 6 ) Special disclosures for loans with negative amortization. For a negative amortization loan, the following information, in close proximity to the table required in paragraph ( s ) ( 1 ) of this section, with headings, content, and format substantially similar to Model Clause H-4 ( G ) in appendix H to this part : ( i ) The maximum interest rate, the shortest period of time in which such interest rate could be reached, the amount of estimated taxes and insurance included in each payment disclosed, and a statement that the loan offers payment options, two of which are shown.

( ii ) The dollar amount of the increase in the loan 's principal balance if the consumer makes only the minimum required payments for the maximum possible time and the earliest date on which the consumer must begin making fully amortizing payments, assuming that the maximum interest rate is reached at the earliest possible time.

( 7 ) Definitions. For purposes of this 1026.18 ( s ) : ( i ) The term adjustable-rate mortgage means a transaction secured by real property or a dwelling for which the annual percentage rate may increase after consummation.

( ii ) The term step-rate mortgage means a transaction secured by real property or a dwelling for which the interest rate will change after consummation, and the rates that will apply and the periods for which they will apply are known at consummation.

( iii ) The term fixed-rate mortgage means a transaction secured by real property or a dwelling that is not an adjustable-rate mortgage or a step-rate mortgage.

( iv ) The term interest-only means that, under the terms of the legal obligation, one or more of the periodic payments may be applied solely to accrued interest and not to loan principal ; an interest-only loan is a loan that permits interest-only payments.

( v ) The term amortizing loan means a loan in which payment of the periodic payments does not result in an increase in the principal balance under the terms of the legal obligation ; the term negative amortization means payment of periodic payments that will result in an increase in the principal balance under the terms of the legal obligation ; the term negative amortization loan means a loan, other than a reverse mortgage subject to 1026.33, that provides for a minimum periodic payment that covers only a portion of the accrued interest, resulting in negative amortization.

( vi ) The term fully-indexed rate means the interest rate calculated using the index value and margin at the time of consummation.

( t ) No-guarantee-to-refinance statement ( 1 ) Disclosure. For a closed-end transaction secured by real property or a dwelling, other than a transaction that is subject to 1026.19 ( e ) and ( f ), the creditor shall disclose a statement that there is no guarantee the consumer can refinance the transaction to lower the interest rate or periodic payments.

( 2 ) Format. The statement required by paragraph ( t ) ( 1 ) of this section must be in a form substantially similar to Model Clause H-4 ( K ) in appendix H to this part.

GA R & R Department 80 Chapter 80-14 Subject 80-14-5 Subject 80-14-5 DISCLOSURE, CHARGES, AND MISCELLANEOUS Rule 80-14-5-.01 Loan Contract, Disclosures, and Limitations ( 1 ) Loan Contract ; Contents.

( a ) Every consumer loan transaction shall be pursuant to a written loan contract which may include a loan voucher, itemized statement of loan and charges, and disclosure statement. The loan contract shall be signed by the consumer and delivered to the consumer at the time it is executed by him or her. The loan contract shall be contained in a single document which may contain more than one page. Printed terms shall be printed in at least six-point standard type.

( b ) In connection with every consumer loan transaction, the consumer shall be furnished a written itemized statement in clear terms and easily understood language which shall show the following : the transaction date, a description of the subject matter and amount of the transaction, a description of the collateral, if any, securing the consumer 's obligations ; the identity and address of the consumer and the identity and address of the creditor ; a schedule of the payments ; the amount of the actual cash advanced to or on behalf of the consumer ; the amount of each class of insurance carried and the premium paid thereon, stated separately for each class of insurance ; and an itemization of the exact amount of the interest, fees, and other charges, if any, showing each element thereof.

( c ) The loan contract shall include immediately above the place for the signature for the parties the following notice : NOTICE TO CONSUMER 1. Do not sign this agreement if it contains any blank spaces.

2. You are entitled to an exact copy of all papers you signed.

3. You have the right at any time to pay in advance the full amount due under this agreement and under certain conditions to obtain a partial refund of the interest charges.

4. If credit life insurance is required, you have the right to purchase either level term life insurance or reducing term life insurance coverage.

5. You are not required to purchase noncredit insurance as a condition of obtaining this loan.

( d ) The creditor shall furnish the consumer with an exact copy of the loan contract including any loan voucher, itemized statement of loan charges, and disclosure statement after the agreement has been signed.

( e ) With respect to every installment loan transaction, the creditor shall, at the time of the transaction, furnish to the consumer a written statement of the maximum number of payments required, the amount of such payments, and the exact due dates upon which each payment is due. The maximum number of payments and the amount and date of such payments need not be separately listed if the payments are stated in terms of a series of scheduled amounts.

( 2 ) The following practices are prohibited in the making of an installment loan pursuant to the Georgia Installment Loan Act : ( a ) Blank Agreements. Every contract evidencing an installment loan transaction shall be completed as to all essential provisions prior to the signing thereof by the parties. No licensee shall induce, encourage, or otherwise permit the consumer to sign a contract containing blank spaces. Blank spaces inapplicable to a transaction must be completed in a manner which reveals their inapplicability.

( b ) Negotiable Instruments. No licensee shall take or otherwise arrange for the consumer to sign an instrument payable " to order '' or " to bearer '', other than a check, as evidence of the credit obligation of the consumer in an installment loan transaction.

( c ) Balloon and Irregular Payments. Except for single payment loans, no licensee shall enter into a contract which contains or anticipates a schedule of payments under which the final payment exceeds the amount of any other payment by more than {$1.00}. A single payment loan shall be repayable on terms not to exceed ninety ( 90 ) days. All other installment payments shall be scheduled at regular intervals in equal amounts. Notwithstanding the requirement that payments be made at regular intervals for all loans except for single payment loans, the initial payment on an installment loan shall be due within a period not to exceed forty-five ( 45 ) days from the date on which the loan is made but no sooner than the regular interval for all other installment loan payments.

( d ) Multiple Agreements to the following extent : ( i ) No authorized location of a licensee shall engage in any activity in connection with an installment loan by use of multiple agreements or otherwise as a result of which the authorized location of a licensee charges, contracts for, or receives any other or further amount in connection with an installment loan than that authorized by law for a single loan of a comparable amount.

( ii ) No authorized location of a licensee shall split a consumer loan into separate agreements by spouses if as a result thereof the authorized location of a licensee charges, contracts for, or receives any other or further amount in connection therewith than as authorized by law for a single loan of a comparable amount ; provided, however, that the authorized location of a licensee may make an installment loan to spouses jointly and severally if such loans do not arise out of substantially the same transaction.

( e ) Non-Judicial Enforcement. Notwithstanding any other provision of law, no term of an agreement shall constitute authorization for a licensee to take possession of collateral by other than legal process unless such authorization is clearly, prominently and conspicuously disclosed to the consumer immediately above the place for his signature on the loan agreement or as an addition to the " NOTICE TO CONSUMER '' specified in subsection ( 1 ) ( c ) of this Rule.

( 3 ) Insurance Permitted.

( a ) With respect to any installment loan transaction, the licensee shall not require any insurance other than insurance covering the loss of or damage to any property in which the creditor is given a security interest. Credit life and credit accident and sickness insurance if required by the licensee, may be provided by the licensee through an insurer authorized to issue such insurance in this State.

( b ) If a licensee requires any insurance permitted under subsection ( 1 ) above in any consumer loan transaction, the consumer shall be given written notice of the option of providing such insurance through an existing policy or a policy independently obtained and paid for by the consumer. If the licensee requires credit life insurance, the licensee shall give the consumer written notice of the consumer 's right to choose either level term life insurance or reducing term life insurance coverage. The licensee may for reasonable cause before credit is extended decline the insurance provided by the consumer.

( c ) Any insurance offered by an installment lender licensee shall comply with any and all applicable insurance laws and regulations.

( 4 ) Discharge of Security Interests. When the consumer is indebted to a particular licensee for two or more consumer loans, any security interest held by such licensee for any particular loan shall be discharged when the loan for which the security interest is held is paid irrespective of indebtedness to the licensee by the consumer on other outstanding installment loans. As a general rule, security interests in terms of property shall terminate as the debt originally incurred with respect to each item is paid and in the case of the consolidation of two or more installment loans or any circumstances in which the general rule is not followed, the licensee may be required by the Department to show that his conduct with respect to such loan transactions was just, fair and reasonable. For the purposes of this Rule, the renewal of a consumer loan shall not be deemed to be payment thereof.

( 5 ) Electronic Transactions Permitted. The provisions of the Uniform Electronic Transactions Act, O.C.G.A. 10-12-1et seq., applies to loans made pursuant to the Georgia Installment Loan Act. Nothing in the Act or the Department 's rules shall be construed as prohibiting installment loans from being originated or closed remotely by a licensee.

( 6 ) Other Purchases. If any loan within the Act is made in conjunction with the provision of any item, service, or commodity incidental to the advancement of funds, or if any other element is introduced into the transaction at the expense of the consumer, then the licensee shall provide to the consumer a separate written disclosure statement. The disclosure statement shall disclose, in no smaller than twelve-point type, the following : ( a ) That the consumer does not have to purchase any such item, service, or commodity, or pay for such element, in order to obtain the loan.

( b ) The cost to the consumer of any such purchase or element.

( c ) The disclosure statement shall contain the consumer 's signed acknowledgement of the consumer 's understanding that such purchase or element is not required and of the specific cost to the borrower for each such item, service, commodity, or element.

( d ) A copy of the signed document shall be provided to the borrower, and the licensee shall retain the original in the loan file.

( 7 ) Receipt. Each consumer shall be provided with a written receipt for each cash payment made showing the licensee 's name on record with the Department, the applicable loan number, the date of the payment, and the dollar amount of the payment.

Rule 80-14-5-.02 Maintenance Charges ( 1 ) The following terms shall have the following meaning as used in this Rule unless a different meaning or construction is clearly required by the context : ( a ) '' Earned maintenance charges '' shall mean those maintenance charges which are applicable to those months in the term of the loan contract in which the loan has been maintained by the licensee for a period of time of one ( 1 ) or more complete months. Such earned maintenance charges shall be determined by multiplying the total number of months in the term of the loan contract in which the loan has been maintained by the licensee by the amount of the maintenance charge authorized under O.C.G.A. 7-3-11.

( b ) '' Maintenance charges '' shall mean charges by a licensee for maintaining a loan for a period of one or more months in accordance with the provisions of O.C.G.A. 7-3-11 and this Rule.

( c ) '' Month '' shall mean a complete calendar month for all loans whose contract begins as of the first day of th