(2) If any retail installment sale agreement or other extension of credit is in violation of this section any person entitled to enforce such agreement or extension is liable to the buyer or buyers in an amount equal to the sum of twice the amount of the finance charge in connection with said agreement or extension, except that the liability shall not be less than five hundred dollars. For purposes of this paragraph, the finance charge shall be the greater of:

1. (a) the total finance charge provided for in said agreement or extension;
2. (b) the total finance charges billed, collected and sought to be collected under said agreement or extension; or (c) the initial principal amount of credit extended, not the amount of the credit line, under said agreement or extension times the annual percentage rate in effect during the first period on which interest accrues under said agreement or extension.

(3)

1. (a) The provisions of subsections (1) and (2) shall not apply to a fixed rate closed-end extension of credit or fixed rate closed-end obligation if the buyer has been furnished a statement in the following form, as a separate document, accurately completed by the creditor, and has freely signed said statement.

   NOTICE TO BUYER

   STATE LAW PROVIDES THAT YOU DO NOT HAVE TO CONSOLIDATE YOUR RETAIL INSTALLMENT SALE AGREEMENT WITH THE LOAN WHICH YOU ARE NOW APPLYING FOR.

   If you do agree to consolidate your retail installment sale agreement, your combined new loan will cost $ ___ more/less in finance charges.