Idaho Statutes Title 28. Commercial Transactions § 28-46-414. Extended payment plans

(1) A payday lender is not required to enter into an extended payment plan with a borrower more than one (1) time during any consecutive twelve (12) month period.

(2) An extended payment plan shall be in writing and must be executed not later than the day the payday loan is due. The plan shall provide a payment schedule that allows at least four (4) equal payments over a time period of not less than sixty (60) days and shall include the disclosures required under section 28-46-415, Idaho Code.

(3) A borrower's obligations under an extended payment plan shall be not greater than the amount owed under the terms of the original payday loan.

(4) A payday lender shall not charge interest or additional fees as part of an extended payment plan, except as permitted in section 28-46-413(6), Idaho Code. If a borrower defaults under the extended payment plan, the payday lender may terminate the extended payment plan and accelerate the requirement to pay the amount owed.

(5) A payday lender shall not initiate collection activities against a borrower for a payday loan that is subject to an extended payment plan so long as the borrower is in compliance with the terms of the extended payment plan.