agreements

A lender shall comply with the following requirements of this section.

1.__Written loan agreement.__Each deferred deposit loan must be evidenced by a written loan agreement that is signed and dated by the consumer and an authorized representative of the lender on the same day the loan is made and disbursed.__The written agreement must contain the name of the consumer, the transaction date and the amount of the instrument.__The agreement must also establish a date not less than 7 days or more than 40 days after the loan transaction date when the instrument may be deposited or negotiated by the lender.__The lender shall give a duplicate of the original loan agreement to the consumer at the time of the transaction.

2.__Required disclosures.__The loan agreement must also disclose the following to the consumer:

A.__The principal amount of the loan;

B.__Any fees charged;

C.__The annual percentage rate determined in accordance with Federal Reserve Board Regulation Z;

D.__Evidence of receipt from the consumer of a check dated the same date as the loan to be used as security for the loan or evidence of authorization to withdraw or transfer funds from the consumer's account for the benefit of the lender;

E.__An agreement by the lender not to present the check for payment or deposit until a specified maturity date; and

F.__A description of the consumer's right to cancel the loan transaction at any time before the close of business on the next business day following the transaction by repaying to the lender the amount advanced to the consumer.

§6193.__Authorized charges to consumers

A lender may charge the following fees or charges to a consumer in conjunction with making or arranging a deferred deposit loan.

1.__Administrative fee.__A lender may charge as a fee for each loan an amount that does not exceed 7.5% of the total amount of loan proceeds advanced to the consumer.