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A payday lender may not renew a payday loan unless the borrower has paid an amount equal to at least twenty-five percent (25%) of the principal of the original payday loan, plus interest on the remaining balance of the payday loan. The payday lender shall disclose this requirement to the borrower in a minimum of bold 12 point type.

(Section 3.550 added by Ordinance No. 20372, enacted July 10, 2006, effective July 11, 2006.)