a. FULL DISCLOSURE. A Member will comply with the disclosure requirements of each state in which the Member is doing business, and with federal disclosure requirements including the Federal Truth in Lending Act. A contract between a Member and the customer must fully outline the terms of the transaction. Members agree to disclose the cost of the service both as a dollar amount and as an annual percentage rate ("APR").
b. RIGHT TO RESCIND. A Member will give its customers the right to rescind a payday advance transaction at no cost, on or before the close of business on the following business day, or as required by law, whichever is longer.
c. LIMITATION ON ROLLOVERS. A Member will not allow customers to rollover a payday loan (the extension of an outstanding advance by payment of only a fee) unless expressly authorized by state law, but in cases where authorized, the Member will limit rollovers to four (4) or the state limit, whichever is less.
d. NO CRIMINAL ACTION. A Member will not threaten, or pursue, criminal actions against a customer as a result of the customer’s check being returned or the customer's defaulting on a debt.
e. EXTENDED PAYMENT PLAN. A Member will provide customers who are unable to repay a payday loan according to their original contract the option of an extended payment plan in compliance with any requirement in state law or, in the absence of such a requirement in state law, in compliance with FiSCA's "Guidelines for Extended Payment Plans" (available at www.fisca.org), or the Guidelines for Extended Payment Plans of another established industry association that are consistent with the FiSCA Guidelines.
f. CUSTOMER NOTICES. A Member will provide customers notice of their option to rescind a payday loan and to an extended payment plan in a reasonable manner, including in a written disclosure as permitted or required by law.
g. INTERNET LENDING. Members that offer payday loans through the Internet shall be licensed in each state where its payday loan customers reside and shall comply with applicable laws and regulations, including limitations on rates, rollovers, disclosures and other requirements imposed by state law, unless such state does not require the lender to be licensed or to comply with such provisions.
h. USE OF AUTOMATED CLEARING HOUSE (ACH) SYSTEM. A Member will comply with all of the Rules of the National Automated Clearing House Association (NACHA) when utilizing the ACH system.
i. MILITARY. To the extent that any Member does business with a Military "Covered Person" as defined by federal law, Members will comply with any federal and state laws on doing business with the military and related "Covered Persons."