if it is an external resistor that mounts on the field terminal, that came with an update kit from i-h some years back when eliminating the cut out relay. there were instructions with it to change wires around inside the light box, eliminating the resistor for the cut out relay inside the light box. my 48 m does the same thing yours is. my cub is doing it now too, very low charge rate, but will charge good if you ground the field. maybe try running a ground wire from the mounting tab on the regulator directly to the battery ground and see if that helps. i did put a new regulator on the cub too, it also barely charges. m and cub have good batteries, rebuilt gennys that test good, wirings right, just enough to drive ya nutz!!
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