1Should a licensee charge, contract for, or receive interest or charges in excess of those permitted, and such overcharge is a result of a bona fide error, the loan contract shall remain valid and no penalty shall result, provided that the licensee shall refund or credit the borrower with the amount of such overcharge within twenty (20) days of the licensee’s discovery of such error. In the event that the discovery of such overcharge was the result of a complaint by a borrower or of the Office of Financial Regulation, the Office shall investigate the circumstances surrounding the making of the overcharge and shall determine whether it was the result of bona fide error.
