2011 Utah Code
Title 7 Financial Institutions Act
Chapter 23 Check Cashing and Deferred Deposit Lending Registration Act
Section 403 Extended payment plan.

7-23-403. Extended payment plan.
(1) (a) 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.
(b) 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.
(2) An extended payment plan shall include the following:
(a) 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:
(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 deposit loan; and
(B) no later than the end of the deferred deposit lender's business day before the day on which 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 owed may 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 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.
(3) A deferred deposit lender may not charge interest or fees as part of an extended payment plan, except that if the person who receives the deferred deposit loan defaults under the extended 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 deferred deposit loan terms.
(4) 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.
(5) 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.

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