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10VAC5-200-33. Extensive re re re payment plans.
A. An eligible borrower may elect to pay an outstanding payday loan from any licensee by means of an extended payment plan in any rolling 12-month period. a debtor shall never be entitled to obtain a long re re payment plan in the event that debtor obtained a protracted repayment plan in the preceding year.
B. a debtor may get into a extensive repayment plan at any moment on or following the date that loan is created through the date that the mortgage is born to be paid back. a debtor shall never be allowed to settle a overdue cash advance by way of a extensive repayment plan. A licensee may voluntarily accept payments from a borrower in accordance with subsection H of 10VAC5-200-70 if a loan is past due and a borrower cannot obtain an extended payment plan.
1. If an qualified debtor elects a protracted repayment plan, a licensee shall let the debtor to settle the quantity owed in at the very least four equal installments over a phrase of at the least 60 times. The buck quantity of each installment will probably be exactly the same therefore the installment repayment dates will be spread away evenly within the term for the payment that is extended ( e.g., if the expression is 60 times and you can find four installments, an installment will probably be due any 15 times). (more…)