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The Bureau solicits comment on proposed § 1041.
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Some lenders might even lend out larger sums of money.
” For instance, one trade association claiming to represent more than half of all payday loan stores states that as a condition of membership, members must offer an “extended payment plan” but that borrowers must request the plan at least one day prior to the date on which the loan is due, generally in person at the store where the loan was made or otherwise by the same method used to originate the loan.
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Further, both lenders and financial institutions often impose a variety of requirements that make the process for stopping payments confusing and burdensome for consumers.
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