Answer:
Loan agreements are governed under contract and State law.
Editor's Note: The fees and interest allowed to be charged is also governed by the laws of your state.
First published on BankersOnline.com 8/27/12
Wording for Open End Consumer Loan Agreements
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Question:
Our open end consumer loan agreements (demand deposit loans) read: a finance charge will be assessed on the daily unpaid loan balance and I believe it should read interest charge will be assessed. Which is correct to be in compliance with regulation?
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