Regulatory Alerts2014-10-07
Guidance to Payday Lenders on Extended Payment Plans
The Idaho Department of Financial Institutions issued this guidance to clarify requirements for payday lenders under Idaho Code § 28-46-414 regarding extended payment plans. The document mandates that these plans must offer a reasonable opportunity for borrowers to repay debts by providing at least four equal installments over a minimum of sixty days without additional costs. Lenders are warned that plans designed to circumvent this intent, such as requiring immediate first payments, constitute unfair practices subject to administrative or civil enforcement actions.
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