Regulation 16

a separate account must be kept for each loan in the book;

the accounts for the loans must be kept in a chronological order;

the loans must be numbered consecutively in the book;

every amount of repayment or sum paid to account —

must be entered in the book as it occurs together with the date of its occurrence and a reference to the relevant entry of the cash account book mentioned in section 38(1)(c)(i) of the Act; and

must be appropriated in the book to principal, interest (including late interest) and permitted fees (if any);

when a loan is fully repaid or settled, an entry to that effect must be made in the book and its account must be closed;

when a loan is renewed, an entry must be made to that effect in the book, the account for the loan before its renewal must be closed and the balance transferred to the account of the renewed loan.