1.  A customer may rescind a high-interest loan on or before the close of business on the next day of business at the location where the high-interest loan was initiated. To rescind the high-interest loan, the customer must deliver to the licensee:

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(a) A sum of money equal to the face value of the high-interest loan, less any fee charged to the customer to initiate the high-interest loan; or

(b) The original check, if any, which the licensee gave to the customer pursuant to the high-interest loan. Upon receipt of the original check, the licensee shall refund any fee charged to the customer to initiate the high-interest loan.

2.  If a customer rescinds a high-interest loan pursuant to this section, the licensee:

(a) Shall not charge the customer any fee for rescinding the high-interest loan; and

(b) Upon receipt of the sum of money or check pursuant to subsection 1, shall give to the customer a receipt showing the account paid in full and a copy of the promissory note given to initiate the high-interest loan which must be stamped ‘void’ or the receipt stamped ‘paid in full.’