LIC-12.03 - Payment Plans

Administrative Rules Adopted by Bureaus Pursuant to Rule Making Authority (ARB)
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Administrative Rule Adopted by Revenue Division Pursuant to Rule-Making Authority


A borrower and a payday lender may enter into a payment plan at any time if BOTH parties mutually agree to one. However, the borrower may unilaterally demand a payment plan after 3 renewals, if the borrower is unable to replay the loan when due.

A payment plan that does not charge any interest or fee is not a loan, but a payment arrangement. The State’s 60-day loan term applies to the original term of the loan and not to subsequent collection efforts or arrangements.

There is no maximum number of days or payments that may be agreed to as part of the payment plan. The payday lender may (but is not required to) offer more than the minimum required by State law. However, the payday lender MUST offer the minimum of 60 days and 3 payments per PCC 7.26.

Payday lenders may require the borrower to pay off a payment plan prior to issuing a new loan.

If the borrower defaults on their payment plan the lender has the right to pursue collection procedures as allowed by State law.


Adopted by Director of Revenue Bureau as administrative rule #PL-3 on September 13, 2006.

Renumbered by Auditor's Office and filed for inclusion in PPD September 9, 2015.

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