A licensee shall furnish to the consumer a statement setting forth the type of contract, description of the security on the contract, the date of the contract, the total amount due on the contract, the date upon which the contract is due or the dates upon which the installment payments are payable, the amount of such installment payments, and a statement indicating the basis for computing default charges. No default charges may be collected if the statement of contract does not give due notice of the licensee's intention to collect default charges. This statement of the contract shall contain such additional information as the Secretary of Banking may require.