32-5-321. (Temporary) Deferral charge permitted -- nature of deferral charge. Notwithstanding the provisions of 32-5-301 and 32-5-302, if the contract so provides, a consumer loan licensee may, at any time, grant a deferral and make deferral charges as provided in 32-5-322. A deferral postpones the scheduled due date of the earliest unpaid installment and all subsequent installments as originally scheduled or as previously deferred for a period equal to the deferral period. The deferral period is that period during which no installment is scheduled to be paid by reason of the deferral. (Repealed effective October 1, 2008--secs. 22, 24(1), Ch. 372, L. 2007.)

     History: En. Sec. 1, Ch. 341, L. 1979.