(1) Licensees shall give to the borrower or mail to the borrower's address a plain and complete receipt for each payment made.

(2) Licensees receipt forms shall contain the following minimum information:

(a) name of borrower;

(b) account number;

(c) amount and date of payment;

(d) past-due amount collected, if any;

(e) balance remaining on loan; and

(f) amount of refund.

(3) Licensees shall indelibly record on the borrower's loan card, or electronically maintain, as separate items the amount of each installment payment, refund, or collection. An electronic record must be capable of being reproduced in or converted to hard copy form.