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I have a customer who is in a Repayment Plan and cannot come in to make one of the installment payments due to COVID-19. Can the installment payment due date be extended?
Yes. A licensee may extend the Repayment Plan maturity date of an installment payment due to the impact of COVID-19 if the following requirements are met:
- The licensee obtains voluntarily written or verbal notification from the customer, which is verifiable in writing or by electronic means, that the customer:
- Desires to extend the Repayment Plan installment payment beyond the original due date; and,
- Understands that by keeping this transaction open, their eligibility to obtain additional deferred transactions will be impacted and they will not be eligible to obtain a new transaction until the current transaction is paid; and,
- The licensee does not assess, charge, or collect any additional fee from the customer in exchange for extending the Repayment Plan installment payment.