OUTSTANDING BALANCE INFORMATION; PAYMENT IN FULL

(a) The holder of a retail installment contract who gives the retail buyer or the buyer's designee outstanding balance information relating to the contract is bound by that information and shall honor that information for a reasonable time. (b) If the retail buyer or the buyer's designee tenders to the holder as payment in full an amount derived from that outstanding balance information, the holder shall: (1) accept the amount as payment in full; and (2) release the holder's lien against the motor vehicle within a reasonable time not later than the 10th day after the date on which the amount is tendered. (c) A retail seller must pay in full the outstanding balance of a vehicle traded in not later than the 25th day after the date that: (1) the retail installment contract is signed by the retail buyer and the retail buyer receives delivery of the motor vehicle; and (2) the retail seller receives delivery of the motor vehicle traded in and the necessary and appropriate documents to transfer title from the buyer.