State Codes and Statutes
Statutes > Utah > Title-07 > Chapter-23 > 7-23-4037-23-403. Extended payment plan.
(1) (a) If a person who owes money on a deferred deposit loan requests to enter into anextended payment plan, the deferred deposit lender who extended the deferred deposit loan shallallow the person to enter into an extended payment plan that meets the requirements of thissection at least once during a 12-month period to pay the money owed.
(b) A deferred deposit lender is not required to enter into an extended payment plan witha person who owes money on a deferred deposit loan more than one time during a 12-monthperiod.
(2) An extended payment plan shall include the following:
(a) A deferred deposit lender shall require a person who receives a deferred deposit loanand wants to enter an extended payment plan to enter into a written agreement:
(i) with the deferred deposit lender;
(ii) that is executed:
(A) no sooner than the day before the last day of the initial term of the deferred depositloan; and
(B) no later than the end of the deferred deposit lender's business day before the day onwhich the deferred deposit loan is due; and
(iii) that states:
(A) a payment schedule; and
(B) the money owed under the extended payment plan.
(b) A payment schedule for an extended payment plan shall provide that the money owedmay be paid:
(i) in at least four equal payments; and
(ii) over a time period that is at least 60 days.
(c) The money owed under an extended payment plan shall equal the money owed underthe deferred deposit loan, including interest and fees, that would be due if the deferred depositloan is paid in full on the last day of the most current term of the deferred deposit loan.
(3) A deferred deposit lender may not charge interest or fees as part of an extendedpayment plan, except that if the person who receives the deferred deposit loan defaults under theextended payment plan, the deferred deposit lender may:
(a) accelerate the requirement to pay the money owed under the extended payment plan;
(b) charge a fee not to exceed $20;
(c) terminate the extended payment plan; and
(d) subject to the other requirements of this chapter, reinstate the original deferreddeposit loan terms.
(4) A deferred deposit loan may not penalize a person who enters into an extendedpayment plan for paying to the deferred deposit lender money owed under the extended paymentplan before the money is due.
(5) A deferred deposit lender may not initiate collection activities for a deferred depositloan that is subject to an extended payment plan during the period that the person owing moneyunder the extended payment plan is in compliance with the extended payment plan.
Enacted by Chapter 102, 2010 General Session
