If the buyer has not paid an installment on an installment sales contract on or before the tenth day after its due date, as originally scheduled or as deferred, the creditor, if he chooses to impose a penalty for the delinquency, shall before the due date of the next scheduled installment, mail or deliver to the buyer at his last known address a written notice informing the buyer:

1. (1) That the installment is delinquent;
2. (2) That a penalty has been or will be imposed pursuant to § 54-3A-12, if that is the case, and the amount of such penalty;
3. (3) If the creditor agrees, that, in lieu of paying a delinquency penalty, the buyer may defer the delinquent installment or refinance the unpaid balance; and
4. (4) That, if the installment remains delinquent without being deferred or without a refinancing, the creditor may after thirty days, pursue his remedies pursuant to § 54-3A-19.

Source: SL 1974, ch 305 , § 8; SL 1975, ch 299 , § 3; SL 1990, ch 30 , § 13.