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<br />(3) After a payday loan has been renewed to the maximum amount allowed by <br />state law, and prior to default on the payday loan, a payday lender shall allow a <br />borrower to convert the borrower's payday loan into a payment plan. Each <br />payment plan shall be in writing and acknowledged by both the payday lender <br />and the borrower. <br />(4) The payday lender shall not assess any fee, interest charge or other charge to <br />the borrower as a result of converting the payday loan into a payment plan. <br />(5) The payment plan shall provide for the payment of the total of payments due <br />on the payday loan over a period of no fewer than 60 days in three or more <br />payments. The borrower may pay the total of payments due on the payment <br />plan at any time. The payday lender may not assess any penalty, fee or other <br />charge to the borrower for early payment on the payment plan. <br />(6) A payday lender's violation of the terms of a payment plan entered into with a <br />borrower under this section constitutes a violation of sections 3.550 through <br />3.560 of this code. If a payday lender enters into a payment plan with a <br />borrower through a third party that is representing the borrower, the payday <br />lender's failure to comply with the terms of that payment plan constitutes a <br />violation of sections 3.550 through 3.560 of this code. <br /> <br />Section 3. The City Recorder, at the request of, or with the concurrence of the City <br /> <br />Attorney, is authorized to administratively correct any reference errors contained herein or in <br /> <br />other provisions of the Eugene Code, 1971, to the provisions added, amended or repealed herein. <br /> <br />Section 4. Pursuant to the provisions of Section 5 below, this Ordinance shall become <br /> <br />effective immediately upon its passage by the City Council and approval by the Mayor, retention <br /> <br />by the Mayor for more than ten days, or readoption over a Mayoral veto by two-thirds of all <br /> <br />members of the City Council, except as provided in this Section 4. Notwithstanding the addition <br /> <br />of Sections 3.550 through 3.560 to the Eugene Code, 1971, no citations or other enforcement <br /> <br />actions shall be issued or taken for violation of Section 3.552 providing the Payday Lender has, <br /> <br />within 60 days of the effective date of this Ordinance, applied for and obtained a license from the <br /> <br />City to operate as a Payday Lender. <br /> <br />Section 5. In order to serve the important public purpose of protecting the citizens of <br /> <br />Eugene from unscrupulous practices of payday loan providers, an emergency is hereby declared <br /> <br />Ordinance - 3 <br />