352 - Acts required of licensees; acts prohibited.

§ 352.  Acts  required  of  licensees; acts prohibited. Every licensee  shall:    Deliver to the borrower at the time any loan is made or prior  to  the  first  advance  under  an  open-end  loan  agreement a statement, in the  English language showing in  clear  and  distinct  terms  the  name  and  address of the borrower and of the licensee and all items required to be  disclosed by the act of congress entitled "Truth in Lending Act" and the  regulations  thereunder,  as  such  act and regulations may from time to  time be amended.    For each cash payment made on account of any closed-end loan, give  to  the  person  making  it  at  the  time  the payment is made, a plain and  complete receipt containing the information required by  regulations  of  the superintendent.    Permit  payment  to  be  made  in  advance  in  any amount on any loan  agreement at any time, but the licensee may initially apply such payment  to all interest and other charges due to the date of such payment.    Upon repayment of the loan in full, mark  indelibly  every  obligation  signed  by  the  borrower  or  a  copy  thereof  with the word "paid" or  "cancelled", and release any mortgage or security  agreement  no  longer  securing  an  obligation of the borrower, restore any pledge, cancel and  return any note or a copy thereof, and cancel and return any  assignment  or  a  copy  thereof given to the licensee by the borrower.  An open-end  loan shall not be deemed to be repaid in full for  this  purpose  unless  any  balance  is paid in full and the borrower relinquishes all power to  receive further advances under the contract and makes a written  request  for  the  release  of  all collateral for the loan. Every licensee which  holds collateral of a borrower shall be fully liable for the  return  of  the collateral upon payment of the indebtedness in full.    No  licensee  shall  take  any  confession of judgment or any power of  attorney running to himself or to any third person to  confess  judgment  or to appear for the borrower in a judicial proceeding.    No  licensee  shall take any instrument in which blanks are left to be  filled in after execution.