repay the loan in at least 6 equal installments with-
out being charged any additional finance charges, in-
terest fees or other charges of any kinds as long as 
you notify us of your desire to enter into such a plan 
no later than seven calendar days after the loan due 
date. This Federal repayment plan requirement su-
persedes any repayment plan requirements under 
any State law.’. 
‘‘(c) MANDATORY EXTENDED REPAYMENT PLAN.— 
‘‘(1) IN GENERAL.—No creditor may make a 
payday loan to any consumer unless the creditor of-
fers the consumer an extended repayment plan that 
meets the following requirements: 
‘‘(A) The extended repayment plan is of-
fered at least once in any 6-month period, if the 
consumer advises the creditor no later than 7 
calendar days after the loan due date that the 
consumer is unable to repay the loan as agreed 
and wants to enter into an extended repayment 
plan. 
‘‘(B) To qualify for such an extended re-
payment plan, the consumer may be required to 
return to the office where the consumer ob-
tained the loan or use whatever method (e.g., 
Internet, telephone, fax) the consumer used to 
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obtain the loan, and the consumer shall prompt-
ly sign an amendment to the loan agreement re-
flecting the new repayment schedule. 
‘‘(C) Under the extended repayment plan, 
the creditor allows the consumer to repay the 
consumer’s loan balance in at least 6 equal in-
stallments due coinciding on the consumer’s 
periodic pay dates, to the extent that there shall 
be at least 13 days between installments, and 
the first installment under the plan is not be 
due before the consumer’s next pay date that is 
at least 13 days after the repayment plan 
amendment is signed by both the consumer and 
the creditor. 
‘‘(D) The creditor may extend the length 
of time between installments. 
‘‘(E) The consumer may prepay the 
amount due under the extended repayment plan 
at any time without charge or penalty. 
‘‘(F) The consumer may not be charged 
additional finance charges, interest fees, or 
other charges of any kind; however, if the con-
sumer enters an extended repayment plan and 
then defaults by failing to meet the consumer’s 
payment obligations, the creditor may charge a 
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repayment plan fee not to exceed $25.00 and 
may accelerate payment of the balance remain-
ing if allowed by applicable law. 
‘‘(2) CONFLICT OF LAWS PROVISION.—The re-
quirements of this subsection regarding extended re-
payment plans shall supersede any repayment plan 
requirements under any State law. 
‘‘(d) ADDITIONAL PROTECTIONS FOR CONSUMERS.— 
It shall be unlawful for a payday lender to— 
‘‘(1) require a consumer to pay interest and 
fees that, combined, total more than 15 cents for 
every dollar loaned in connection with a payday loan; 
‘‘(2) threaten or seek to have the consumer 
prosecuted in criminal court to collect the loan; 
‘‘(3) take or attempt to take an interest in any 
of the consumer’s personal property to secure the 
loan; 
‘‘(4) file or initiate a legal proceeding of any 
kind, including a lawsuit or arbitration, against a 
consumer to collect on a loan that is the subject of 
an extended repayment plan, or construe the loan to 
be in default unless the consumer has failed to repay 
the loan as agreed under the terms of the repayment 
plan; 
‘‘(5) take any power of attorney; 
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