Every vendor under a land installment contract shall, at least once a year, or on demand of the vendee, but no more than twice a year, furnish a statement to the vendee showing the following:
(A) The amount credited to principal and interest;
(B) The balance due.
A land contract passbook issued by the vendor or a financial institution shall be sufficient compliance with this section.
Effective Date: 11-25-1969 .