(a) No legal proceeding of any kind, including, but not limited to, a lawsuit or arbitration,
may be filed or initiated against a consumer to collect on a payday loan until 28
days after the default date of the loan, or, in the case of a payday loan under a
repayment plan, for 28 days after the default date under the terms of the repayment
(b) Upon and after default, a lender shall not charge the consumer any finance charges,
interest, fees, or charges of any kind, other than the insufficient fund fee described
in Section 2-10.
(c) Notwithstanding whether a loan is or has been in default, once the loan becomes
subject to a repayment plan, the loan shall not be construed to be in default until
the default date provided under the terms of the repayment plan.
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