Are licensees authorized to collect a fee when entering into an eligible repayment plan with a customer?
Yes, licensees are authorized to collect a fee of $15 from a customer for administration of the repayment plan. Customers become eligible for a repayment plan for any transaction that occurs after entering into his/her eighth deferred presentment service transaction within any 12-month period. A written repayment plan allows a customer to make 3 equal installment payments on their next 3 paydays. Some customers are paid every two weeks, which extends the repayment plan out 1 ½ months, while some customers are paid monthly (such as Social Security), which would extend the repayment plan out 3 months. Is a deferred presentment provider required to wait until the completion of the Repayment Plan term (such as 1 ½ to 3 months) before presenting the check or entering the check into the check-clearing process, if the customer that entered into the written repayment plan agreement defaults on any of the 3 equally scheduled payments by not making the payments when due as agreed, or can the def
Related Questions
- After a customer enters into a repayment plan, do they have to wait until they have had an additional 8 transactions before being eligible for another repayment plan?
- At what point is the customer officially entering into a Written Repayment Plan - when they call or when they sign the Written Repayment Plan?
- Are licensees authorized to collect a fee when entering into an eligible repayment plan with a customer?
