Virginia Law.Extended payment plans: Study Right Here

Administrative Code

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10VAC5-200-33. Extensive re re payment plans.

A. An eligible borrower may elect to pay an outstanding payday loan from any licensee by means payday loans Rhode Island of an extended payment plan in any rolling 12-month period. a debtor shall never be entitled to obtain a long re re re payment plan in the event that debtor obtained a protracted repayment plan inside the preceding one year.

B. a debtor may get into a payment that is extended at any moment on or following the date financing is manufactured through the date that the mortgage is born to be paid back. a debtor shall never be allowed to settle a delinquent cash advance in the form of a extensive repayment plan. If that loan is delinquent and a debtor cannot obtain a protracted repayment plan, a licensee may voluntarily accept repayments from a debtor according to subsection H of 10VAC5-200-70.

1. An extended payment plan, a licensee shall permit the borrower to repay the amount owed in at least four equal installments over a term of at least 60 days if an eligible borrower elects. The buck level of each installment will be the exact same in addition to installment payment dates will be spread away evenly on the term regarding the payment that is extended ( ag e.g., if the word is 60 times and you will find four installments, an installment will probably be due any 15 days).

2. A loan is made, the check used to secure the loan shall be dated as of the date the final installment is due if a borrower enters into an extended payment plan on the date. A licensee shall perhaps maybe not need or accept numerous checks or any extra or alternative security associated with a payment plan that is extended. a debtor shall have the choice of trading security checks with a licensee at that time the debtor makes a repayment for a extensive repayment plan. A licensee shall upon receipt of the payment return the check held as security to the borrower and the borrower shall deliver to the licensee a replacement security check, dated as of the date the final installment is due, for the remaining amount owed to the licensee if a borrower wishes to exchange security checks.

3. a debtor who elects to repay an online payday loan by having a payment that is extended shall never be entitled to another pay day loan until 3 months following the debtor has paid back or pleased in complete the total amount of this loan.

C. A licensee shall offer notice to borrowers associated with possible option of the extensive repayment plan choice prior to the conditions of the subsection.

1. A licensee shall conspicuously publish in each licensed location a written notice in at the least 24-point bold kind informing borrowers which they can be qualified to get into a extensive repayment plan. The minimum size for such written notice will probably be 24 inches by 18 ins.

2. The title associated with written notice, which shall come in at the least 48-point bold kind, will be “NOTICE – LONG PAYMENT PLANS OFFERED TO ELIGIBLE BORROWERS AT NO ADDITIONAL COST.”

3. The necessary text for the written notice shall be the following:

If you’re qualified, you have the choice of repaying an online payday loan by way of a prolonged repayment plan. You could just obtain a prolonged re re payment plan when in just about any rolling 12-month duration (even although you obtain loans from various loan providers or areas). You may possibly obtain a long re re payment plan at any time on or following the date you get your loan through the date that the loan is born to be paid back. Under a extensive payment plan, you’re going to be allowed to settle the total amount your debt in at the very least four equal installments over a phrase of at the least 60 times. You won’t be charged any extra interest or charges regarding the a long re payment plan, and interest will perhaps not accrue through the term of an extensive repayment plan. Whenever you produce a payment on a protracted repayment plan, you’ll have the possibility of supplying an upgraded safety look for the rest of the amount you borrowed from. Please be encouraged that after you fully repay or satisfy the extended payment plan if you obtain an extended payment plan, you will not be permitted to get another payday loan from any lender for a period of 90 days.

4. A licensee that an applicant is eligible for an extended payment plan, the licensee shall immediately provide oral notice to the applicant that (i) the applicant is eligible to repay the payday loan through an extended payment plan; (ii) information about extended payment plans may be found on the poster in the licensee’s office or in the “Borrower Rights and Responsibilities” pamphlet; and (iii) the licensee is available to answer any questions that the applicant may have about extended payment plans if the payday lending database referred to in 10VAC5-200-110 advises. Whenever supplying this notice, the licensee shall additionally direct the applicant to your particular places of both the poster described in subdivision 1 for this subsection additionally the element of the pamphlet entitled “Extended Payment Plans.”

D. A licensee shall instantly offer a debtor receipts, signed and dated because of the licensee, for several re payments produced in connection by having a extensive repayment plan. The receipts shall state the loan also stability due after every payment.

E. A licensee shall wthhold the written and signed extended re re payment plan document distinguishing the regards to the extensive repayment plan and supply the debtor by having a duplicate initial. A licensee shall additionally retain copies of receipts supplied relative to subsection D of the part. Upon complete payment or satisfaction of a long repayment plan, a licensee shall mark both the initial loan contract and initial extensive payment plan document using the term “paid” or “canceled,” return both what to the borrower, and retain copies with its loan documents.

§§ 6.2-1815 and 12.1-13 for the Code of Virginia.

Derived from amount 25, Issue 04, eff. 1, 2009 january.

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