1. A licensee who operates a deferred deposit loan service shall allow a customer with an outstanding deferred deposit loan to enter into an extended payment plan if the customer:
(a) Has not entered into an extended payment plan for the deferred deposit loan during the immediately preceding 12-month period; and
(b) Requests an extended repayment plan before the time the deferred deposit loan is due.
2. An extended payment plan entered into pursuant to subsection 1 must:
(a) Be in writing and be signed by the licensee and customer; and
(b) Provide a payment schedule of at least four payments over a period of at least 60 days.
3. An extended payment plan entered into pursuant to subsection 1 must not:
(a) Increase or decrease the amount owed under the deferred deposit loan.
(b) Include any interest or fees in addition to those charged under the terms of the deferred deposit loan.
4. If a customer defaults under an extended payment plan entered into pursuant to this section, the licensee may terminate the extended payment plan and accelerate the requirement to pay the amount owed.
(Added to NRS by 2017, 1438)
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