At rest they will be spring loaded closed. As the voltage increases the magnet coil will pull the points open, removing the field ground, stopping the charging.
With the engine running at sufficient RPM to charge, you should be able to slightly push on the points lever and stop the charge. If it continues to full charge with the points open, look for a shorted to ground condition on the field wire, possibly before the regulator. Try disconnecting the field wire from the regulator, see if the charge stops. Make sure nothing is grounding the field, like a too long screw touching the case, or something behind the regulator shorting it out.
If the charge stops when you push down on the points lever, it could need adjusting. Be sure the regulator case is grounded before making adjustments. To adjust, ever so slightly bend the tab the spring is connected to at the bottom. Less spring tension lowers the voltage, more tension raises the voltage. Be careful and move slowly, take your final voltage readings with the cover back on, it will change the readings. I would shoot for around 7v if it is a 6v system, 13v if 12.
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