At what point is the customer officially entering into a Written Repayment Plan – when they call or when they sign the Written Repayment Plan?
Section 35(2), MCL 487.2155(2) provides for a “written repayment plan.” A request for a repayment plan can be either verbal or in writing, but the actual repayment plan agreement must be in writing, and would not be effective until signed by both parties. If a customer, eligible for a repayment plan, does not request verbally or in writing to enter into a repayment plan prior to the deferred presentment transaction maturity due date, can the licensee present the customer’s check into the check-clearing process on the maturity due date? Yes. It would not be a violation of the act to present the customer’s check into the check-clearing process on the maturity due date. If a customer’s check is presented into the check-clearing process on the maturity due date, can a customer request and enter into a written repayment plan during the time period the customer’s check is in the check clearing process? After a check has been presented for payment, a licensee is not required to enter into a r
Related Questions
- 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?
- Is the customer required to present a new check(s) for a repayment plan?
