Skip to main content
If a customer's transaction is paid in full and closed in Veritec, is a licensee required to void the paid transaction and issue a refund to the customer, if they request a written repayment plan within 30 days of the transaction maturity date?

If a customer's transaction is paid in full and closed in Veritec, is a licensee required to void the paid transaction and issue a refund to the customer, if they request a written repayment plan within 30 days of the transaction maturity date?

No. Once the customer redeems the check, the obligation is satisfied. The transaction cannot be reopened and the customer cannot enter into a repayment plan.