Regulatory Alerts2020-06-25
Guidance to Payday Lenders Operating in Idaho Regarding Extended Payment Plans
The Idaho Department of Finance issued this guidance to clarify existing legal requirements for payday lenders offering extended payment plans under the Idaho Payday Loan Act. The document mandates that such plans must consist of at least four equal payments over a minimum of sixty days with no additional interest or fees, and must be structured to maximize consumer ability to repay without requiring immediate payments. The Department considers any plan that fails to meet these standards or provides no immediate benefit to the borrower as an unfair act or practice subject to supervisory review.
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