Section 402 – Electronic disbursement and collections.
7-23-402. Electronic disbursement and collections. If a deferred deposit lender collects payment on a deferred deposit loan through an electronic payment, the deferred deposit lender shall, on the day the loan is executed: (1) credit the amount of the deferred deposit loan through an electronic payment to the person receiving the deferred deposit loan; or […]
Section 403 – Extended payment plan.
Effective 7/1/2016 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 […]
Section 401 – Operational requirements for deferred deposit loans.
Effective 5/12/2020 7-23-401. Operational requirements for deferred deposit loans. (1) If a deferred deposit lender extends a deferred deposit loan, the deferred deposit lender shall: (a) post in a conspicuous location on its premises that can be viewed by a person seeking a deferred deposit loan: (i) a complete schedule of any interest or fees […]