(a) When necessary.— When payment is made on an installment sale contract, the person receiving the payment shall, at the time of receiving the payment, furnish a complete written payment receipt to the buyer or individual making the payment on behalf of the buyer if:

1. (1) the buyer requests such receipt; or
2. (2) payment is made in cash.

(b) Contents.— The payment receipt shall contain the following:

1. (1) The date, amount and nature of the payment.
2. (2) An identification of the obligation to which the payment is applicable.
3. (3) The signature or initials of the person receiving the payment on behalf of the holder.
4. (4) The unpaid time balance remaining due after crediting the payment.
5. (5) The amount attributed to late charges, independent of the payment applied to the reduction of the time balance.

(c) Self-addressed stamped envelope.— The holder may require the buyer to supply a self-addressed stamped envelope as a condition of mailing the receipt if the buyer:

1. (1) elects to make a payment by mail; and
2. (2) is previously notified of the need for the envelope.