Extended payment plan. If a person who owes money on a deferred deposit loan requests to enter into an extended payment plan, the deferred deposit lender who extended the deferred deposit loan shall allow the person to…
“Extended payment plan. If a person who owes money on a deferred deposit loan requests to enter into an extended payment plan, the deferred deposit lender who extended the deferred deposit loan shall allow the person to enter into an”
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Extended payment plan. If a person who owes money on a deferred deposit loan requests to enter into an extended payment plan, the deferred deposit lender who extended the deferred deposit loan shall allow the person to enter into an
If more than one deferred deposit loan is outstanding when a payment is made, the lender must include a statement identifying which loan the payment is applied to.
Section 7-23-403(8)(f)
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Showing 64 of 64 provisions
Provision 64
Part 7-23-4
part 7-23-4 Deferred Deposit Lending Operations
§ 7-23-403Extended payment plan.Provision
Source excerpt
Extended payment plan. If a person who owes money on a deferred deposit loan requests to enter into an extended payment plan, the deferred deposit lender who extended the deferred deposit loan shall allow the person to enter into an
Extended payment plan.
If a person who owes money on a deferred deposit loan requests to enter into an extended payment plan, the deferred deposit lender who extended the deferred deposit loan shall allow the person to enter into an extended payment plan that meets the requirements of this section at least once during a 12-month period to pay the money owed. A deferred deposit lender is not required to enter into an extended payment plan with a person who owes money on a deferred deposit loan more than one time during a 12-month period. Notwithstanding the other provisions of this Subsection (1) , if a person is charged 10 continuous weeks of interest or fees on a deferred deposit loan, including rollovers, at the end of the 10-week period: the person may request to repay the deferred deposit loan and rollovers under an extended payment plan that meets the requirements of this section; and the deferred deposit lender shall execute the extended payment plan in accordance with this section. An extended payment plan shall include the following: A deferred deposit lender shall require a person who receives a deferred deposit loan and wants to enter an extended payment plan to enter into a written agreement: with the deferred deposit lender; that is executed: no sooner than the day before the last day of the initial term of the deferred deposit loan; except as provided in Subsection (2)(a)(ii)(C) , no later than the business day before the day on which the deferred deposit loan is due; and for an extended payment plan offered after a default on a deferred deposit loan, 10 days after receiving the notice described in Subsection 7-23-401(8) , unless a later date is allowed by the deferred deposit lender; that is signed by the deferred deposit lender or its agent and the person; a copy of which is given to the person; and that states: a payment schedule; and the money owed under the extended payment plan. A payment schedule for an extended payment plan shall provide that the money owed may be paid: in at least four equal payments; and over a time period that is at least the greater of: 90 days after the date of default; or 60 days after entering into an extended payment plan. The money owed under an extended payment plan shall equal the money owed under the deferred deposit loan, including interest and fees, that would be due if the deferred deposit loan is paid in full on the last day of the most current term of the deferred deposit loan. A deferred deposit lender may not charge interest or fees as part of an extended payment plan regardless of the name given to the interest or fees including: an origination fee; a set-up fee; a collection fee; a transaction fee; a negotiation fee; a handling fee; a processing fee; a late fee; or a default fee. Except as provided in Subsection (7) , a deferred deposit lender may not accept any additional security or collateral from the person who receives the deferred deposit loan to enter into the extended payment plan. A deferred deposit lender may not sell to the person who receives the deferred deposit loan any insurance or require the person to purchase insurance or any other goods or services to enter into the extended payment plan. A deferred deposit loan may not be considered in default during the extended payment plan period if the person who receives the deferred deposit loan complies with the terms of the extended payment plan. If a person who receives a deferred deposit loan defaults during the extended payment plan period, the deferred deposit lender may: accelerate the requirement to pay the money owed under the extended payment plan; charge a fee not to exceed $20; terminate the extended payment plan; and subject to the other requirements of this chapter, reinstate the original deferred deposit loan terms. A deferred deposit loan may not penalize a person who enters into an extended payment plan for paying to the deferred deposit lender money owed under the extended payment plan before the money is due. A deferred deposit lender may not initiate collection activities for a deferred deposit loan that is subject to an extended payment plan during the period that the person owing money under the extended payment plan is in compliance with the extended payment plan. A deferred deposit lender may not attempt to collect an amount that is greater than the amount owed under the terms of an extended payment plan. A deferred deposit lender may not collect additional interest or fees on a deferred deposit loan, except for the fee imposed under Subsection (3)(e)(ii) , from a person who has been charged 10 weeks interest and defaults under the extended payment plan described in Subsection (1)(c) . Under an extended payment plan: a deferred deposit lender may require the person who receives a deferred deposit loan to make an initial payment of not more than 20% of the total amount due under the terms of the extended payment plan if the person has defaulted on the deferred deposit loan; a deferred deposit lender may require a person who receives a deferred deposit loan to provide the deferred deposit lender, as security, one or more checks or written authorizations for an electronic transfer of money that equal the total amount due under the terms of the extended payment plan; if the person who receives a deferred deposit loan makes a payment in the amount of a check or written authorization taken as security for that payment, the deferred deposit lender shall: return to the person the check or written authorization stamped "void"; or destroy the check or written authorization; and the deferred deposit lender may not charge a fee to the person who receives the deferred deposit loan for a check that is provided as security during the extended payment plan and that is not paid upon presentment if the deferred deposit lender has previously charged a fee under Subsection 7-23-401(5) at least once in connection with that deferred deposit loan. When a person who receives a deferred deposit loan makes a payment pursuant to an extended payment plan, the deferred deposit lender shall give to the person a receipt with the following information: the name and address of the deferred deposit lender; the identification number assigned to the deferred deposit loan agreement or other information that identifies the deferred deposit loan; the date of the payment; the amount paid; the balance due on the deferred deposit loan or, when the person makes the final payment, a statement that the deferred deposit loan is paid in full; and if more than one deferred deposit loan made by the deferred deposit lender to the person is outstanding at the time the payment is made, a statement indicating to which deferred deposit loan the payment is applied.
A deferred deposit lender must let a borrower enter an extended payment plan at least once in any 12-month period if the borrower requests it. If the borrower has been charged 10 continuous weeks of interest or fees, the borrower may request repayment under such a plan and the lender must carry it out.
If a person who owes money on a deferred deposit loan requests to enter into an extended payment plan, the deferred deposit lender who extended the deferred deposit loan shall allow the person to enter into an extended payment plan that meets the requirements of this section at least once during a 12-month period to pay the money owed. A deferred deposit lender is not required to enter into an extended payment plan with a person who owes money on a deferred deposit loan more than one time during a 12-month period. Notwithstanding the other provisions of this Subsection (1) , if a person is charged 10 continuous weeks of interest or fees on a deferred deposit loan, including rollovers, at the end of the 10-week period: the person may request to repay the deferred deposit loan and rollovers under an extended payment plan that meets the requirements of this section; and the deferred deposit lender shall execute the extended payment plan in accordance with this section.
If a borrower on a deferred deposit loan asks for an extended payment plan, the lender must allow it at least once in any 12-month period, if the plan meets this section’s requirements.
If a person who owes money on a deferred deposit loan requests to enter into an extended payment plan, the deferred deposit lender who extended the deferred deposit loan shall allow the person to enter into an extended payment plan that meets the requirements of this section at least once during a 12-month period to pay the money owed.
A deferred deposit lender is not required to enter into an extended payment plan more than once in a 12-month period with the same borrower.
A deferred deposit lender is not required to enter into an extended payment plan with a person who owes money on a deferred deposit loan more than one time during a 12-month period.
After 10 continuous weeks of interest or fees on a deferred deposit loan, a person may request repayment under an extended payment plan, and the lender must execute that plan in accordance with this section.
Notwithstanding the other provisions of this Subsection (1) , if a person is charged 10 continuous weeks of interest or fees on a deferred deposit loan, including rollovers, at the end of the 10-week period: the person may request to repay the deferred deposit loan and rollovers under an extended payment plan that meets the requirements of this section; and the deferred deposit lender shall execute the extended payment plan in accordance with this section.
The person may request to repay the deferred deposit loan and rollovers under an extended payment plan that meets this section’s requirements.
the person may request to repay the deferred deposit loan and rollovers under an extended payment plan that meets the requirements of this section; and
An extended payment plan must include a written agreement, a payment schedule, and the amount owed.
An extended payment plan shall include the following: A deferred deposit lender shall require a person who receives a deferred deposit loan and wants to enter an extended payment plan to enter into a written agreement: with the deferred deposit lender; that is executed: no sooner than the day before the last day of the initial term of the deferred deposit loan; except as provided in Subsection (2)(a)(ii)(C) , no later than the business day before the day on which the deferred deposit loan is due; and for an extended payment plan offered after a default on a deferred deposit loan, 10 days after receiving the notice described in Subsection 7-23-401(8) , unless a later date is allowed by the deferred deposit lender; that is signed by the deferred deposit lender or its agent and the person; a copy of which is given to the person; and that states: a payment schedule; and the money owed under the extended payment plan. A payment schedule for an extended payment plan shall provide that the money owed may be paid: in at least four equal payments; and over a time period that is at least the greater of: 90 days after the date of default; or 60 days after entering into an extended payment plan. The money owed under an extended payment plan shall equal the money owed under the deferred deposit loan, including interest and fees, that would be due if the deferred deposit loan is paid in full on the last day of the most current term of the deferred deposit loan.
A deferred deposit lender must require a borrower who wants an extended payment plan to enter a written agreement.
A deferred deposit lender shall require a person who receives a deferred deposit loan and wants to enter an extended payment plan to enter into a written agreement: with the deferred deposit lender; that is executed: no sooner than the day before the last day of the initial term of the deferred deposit loan; except as provided in Subsection (2)(a)(ii)(C) , no later than the business day before the day on which the deferred deposit loan is due; and for an extended payment plan offered after a default on a deferred deposit loan, 10 days after receiving the notice described in Subsection 7-23-401(8) , unless a later date is allowed by the deferred deposit lender; that is signed by the deferred deposit lender or its agent and the person; a copy of which is given to the person; and that states: a payment schedule; and the money owed under the extended payment plan.
This provision sets timing limits for when something is executed: not before the day before the last day of the initial loan term, and generally not later than the business day before the loan is due; for an extended payment plan after default, it is 10 days after the specified notice unless the lender allows a later date.
that is executed: no sooner than the day before the last day of the initial term of the deferred deposit loan; except as provided in Subsection (2)(a)(ii)(C) , no later than the business day before the day on which the deferred deposit loan is due; and for an extended payment plan offered after a default on a deferred deposit loan, 10 days after receiving the notice described in Subsection 7-23-401(8) , unless a later date is allowed by the deferred deposit lender;
A deadline applies: action must occur no later than the business day before the deferred deposit loan is due, except as provided in Subsection (2)(a)(ii)(C).
except as provided in Subsection (2)(a)(ii)(C) , no later than the business day before the day on which the deferred deposit loan is due; and
For an extended payment plan after default on a deferred deposit loan, the timing is 10 days after the specified notice, unless the lender allows a later date.
for an extended payment plan offered after a default on a deferred deposit loan, 10 days after receiving the notice described in Subsection 7-23-401(8) , unless a later date is allowed by the deferred deposit lender;
A payment schedule for an extended payment plan shall provide that the money owed may be paid: in at least four equal payments; and over a time period that is at least the greater of: 90 days after the date of default; or 60 days after
A payment schedule for an extended payment plan shall provide that the money owed may be paid: in at least four equal payments; and over a time period that is at least the greater of: 90 days after the date of default; or 60 days after entering into an extended payment plan.
The amount owed under an extended payment plan must equal the amount owed under the deferred deposit loan, including interest and fees, as if the loan were paid in full on the last day of its current term.
The money owed under an extended payment plan shall equal the money owed under the deferred deposit loan, including interest and fees, that would be due if the deferred deposit loan is paid in full on the last day of the most current term of the deferred deposit loan.
A deferred deposit lender may not charge interest or fees for an extended payment plan, may not take extra collateral except as allowed by Subsection (7), and may not require insurance or other goods or services to enter the plan. If the borrower defaults during the extended payment plan period, the lender may accelerate payment, charge up to $20, terminate the plan, and reinstate the original loan terms subject to chapter requirements.
A deferred deposit lender may not charge interest or fees as part of an extended payment plan regardless of the name given to the interest or fees including: an origination fee; a set-up fee; a collection fee; a transaction fee; a negotiation fee; a handling fee; a processing fee; a late fee; or a default fee. Except as provided in Subsection (7) , a deferred deposit lender may not accept any additional security or collateral from the person who receives the deferred deposit loan to enter into the extended payment plan. A deferred deposit lender may not sell to the person who receives the deferred deposit loan any insurance or require the person to purchase insurance or any other goods or services to enter into the extended payment plan. A deferred deposit loan may not be considered in default during the extended payment plan period if the person who receives the deferred deposit loan complies with the terms of the extended payment plan. If a person who receives a deferred deposit loan defaults during the extended payment plan period, the deferred deposit lender may: accelerate the requirement to pay the money owed under the extended payment plan; charge a fee not to exceed $20; terminate the extended payment plan; and subject to the other requirements of this chapter, reinstate the original deferred deposit loan terms.
A deferred deposit lender may not charge interest or fees as part of an extended payment plan.
A deferred deposit lender may not charge interest or fees as part of an extended payment plan regardless of the name given to the interest or fees including: an origination fee; a set-up fee; a collection fee; a transaction fee; a negotiation fee; a handling fee; a processing fee; a late fee; or a default fee.
Except as provided in Subsection (7) , a deferred deposit lender may not accept any additional security or collateral from the person who receives the deferred deposit loan to enter into the extended payment plan.
Except as provided in Subsection (7) , a deferred deposit lender may not accept any additional security or collateral from the person who receives the deferred deposit loan to enter into the extended payment plan.
A deferred deposit lender may not sell insurance to the borrower, or require the borrower to buy insurance or other goods or services to enter an extended payment plan.
A deferred deposit lender may not sell to the person who receives the deferred deposit loan any insurance or require the person to purchase insurance or any other goods or services to enter into the extended payment plan.
A deferred deposit loan is not treated as in default during an extended payment plan period if the borrower complies with the plan terms.
A deferred deposit loan may not be considered in default during the extended payment plan period if the person who receives the deferred deposit loan complies with the terms of the extended payment plan.
If a deferred deposit loan defaults during an extended payment plan, the lender may accelerate payment, charge a fee up to $20, end the plan, and reinstate the original loan terms subject to the chapter’s other requirements.
If a person who receives a deferred deposit loan defaults during the extended payment plan period, the deferred deposit lender may: accelerate the requirement to pay the money owed under the extended payment plan; charge a fee not to exceed $20; terminate the extended payment plan; and subject to the other requirements of this chapter, reinstate the original deferred deposit loan terms.
A deferred deposit loan may not penalize a person who enters into an extended payment plan for paying money owed under that plan before it is due.
A deferred deposit loan may not penalize a person who enters into an extended payment plan for paying to the deferred deposit lender money owed under the extended payment plan before the money is due.
A deferred deposit lender may not start collection activities while the borrower is complying with an extended payment plan, and may not try to collect more than the amount owed under that plan.
A deferred deposit lender may not initiate collection activities for a deferred deposit loan that is subject to an extended payment plan during the period that the person owing money under the extended payment plan is in compliance with the extended payment plan. A deferred deposit lender may not attempt to collect an amount that is greater than the amount owed under the terms of an extended payment plan.
A deferred deposit lender may not start collection activities on a deferred deposit loan subject to an extended payment plan while the borrower is complying with that plan.
A deferred deposit lender may not initiate collection activities for a deferred deposit loan that is subject to an extended payment plan during the period that the person owing money under the extended payment plan is in compliance with the extended payment plan.
A deferred deposit lender may not collect additional interest or fees on a deferred deposit loan from a person who has been charged 10 weeks interest and defaults under the extended payment plan, except for the fee in Subsection (3)(e)(ii).
A deferred deposit lender may not collect additional interest or fees on a deferred deposit loan, except for the fee imposed under Subsection (3)(e)(ii) , from a person who has been charged 10 weeks interest and defaults under the extended payment plan described in Subsection (1)(c) .
Under an extended payment plan: a deferred deposit lender may require the person who receives a deferred deposit loan to make an initial payment of not more than 20% of the total amount due under the terms of the extended payment plan if
Under an extended payment plan: a deferred deposit lender may require the person who receives a deferred deposit loan to make an initial payment of not more than 20% of the total amount due under the terms of the extended payment plan if the person has defaulted on the deferred deposit loan; a deferred deposit lender may require a person who receives a deferred deposit loan to provide the deferred deposit lender, as security, one or more checks or written authorizations for an electronic transfer of money that equal the total amount due under the terms of the extended payment plan; if the person who receives a deferred deposit loan makes a payment in the amount of a check or written authorization taken as security for that payment, the deferred deposit lender shall: return to the person the check or written authorization stamped "void"; or destroy the check or written authorization; and the deferred deposit lender may not charge a fee to the person who receives the deferred deposit loan for a check that is provided as security during the extended payment plan and that is not paid upon presentment if the deferred deposit lender has previously charged a fee under Subsection 7-23-401(5) at least once in connection with that deferred deposit loan.
A deferred deposit lender may require a borrower who has defaulted on a deferred deposit loan to make an initial payment, capped at 20% of the total amount due under the extended payment plan.
a deferred deposit lender may require the person who receives a deferred deposit loan to make an initial payment of not more than 20% of the total amount due under the terms of the extended payment plan if the person has defaulted on the deferred deposit loan;
a deferred deposit lender may require a person who receives a deferred deposit loan to provide the deferred deposit lender, as security, one or more checks or written authorizations for an electronic transfer of money that equal the total
a deferred deposit lender may require a person who receives a deferred deposit loan to provide the deferred deposit lender, as security, one or more checks or written authorizations for an electronic transfer of money that equal the total amount due under the terms of the extended payment plan; if the person who receives a deferred deposit loan makes a payment in the amount of a check or written authorization taken as security for that payment, the deferred deposit lender shall: return to the person the check or written authorization stamped "void"; or destroy the check or written authorization; and the deferred deposit lender may not charge a fee to the person who receives the deferred deposit loan for a check that is provided as security during the extended payment plan and that is not paid upon presentment if the deferred deposit lender has previously charged a fee under Subsection 7-23-401(5) at least once in connection with that deferred deposit loan.
a deferred deposit lender may require a person who receives a deferred deposit loan to provide the deferred deposit lender, as security, one or more checks or written authorizations for an electronic transfer of money that equal the total
a deferred deposit lender may require a person who receives a deferred deposit loan to provide the deferred deposit lender, as security, one or more checks or written authorizations for an electronic transfer of money that equal the total amount due under the terms of the extended payment plan;
If a deferred deposit loan is paid with the amount of a check or written authorization used as security, the lender must return the item marked void to the person or destroy it.
if the person who receives a deferred deposit loan makes a payment in the amount of a check or written authorization taken as security for that payment, the deferred deposit lender shall: return to the person the check or written authorization stamped "void"; or destroy the check or written authorization; and
A deferred deposit lender may not charge a fee for a bounced check used as security during an extended payment plan if the lender has already charged a fee under Subsection 7-23-401(5) at least once for that loan.
the deferred deposit lender may not charge a fee to the person who receives the deferred deposit loan for a check that is provided as security during the extended payment plan and that is not paid upon presentment if the deferred deposit lender has previously charged a fee under Subsection 7-23-401(5) at least once in connection with that deferred deposit loan.
When a borrower on an extended payment plan makes a payment, the deferred deposit lender must give a receipt.
When a person who receives a deferred deposit loan makes a payment pursuant to an extended payment plan, the deferred deposit lender shall give to the person a receipt with the following information: the name and address of the deferred deposit lender; the identification number assigned to the deferred deposit loan agreement or other information that identifies the deferred deposit loan; the date of the payment; the amount paid; the balance due on the deferred deposit loan or, when the person makes the final payment, a statement that the deferred deposit loan is paid in full; and if more than one deferred deposit loan made by the deferred deposit lender to the person is outstanding at the time the payment is made, a statement indicating to which deferred deposit loan the payment is applied.
the balance due on the deferred deposit loan or, when the person makes the final payment, a statement that the deferred deposit loan is paid in full; and
the balance due on the deferred deposit loan or, when the person makes the final payment, a statement that the deferred deposit loan is paid in full; and
If more than one deferred deposit loan is outstanding when a payment is made, the lender must include a statement identifying which loan the payment is applied to.
if more than one deferred deposit loan made by the deferred deposit lender to the person is outstanding at the time the payment is made, a statement indicating to which deferred deposit loan the payment is applied.
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