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Regulation Z - Phone Inquiries

Answered by: 
John Burnett

Question: 
Do we have to disclose the APR for telephone inquiries? Am I correct in my understanding that according to Reg Z we are required to disclose the APR to consumers, but not to a potential consumer?
Answer: 

If someone is doing rate shopping on any form of consumer credit by telephone, you have to provide the APR if you provide any rate. Don't get hung up on splitting hairs over the Regulation Z definition of a consumer. The APR requirement technically won't apply if you're giving rates to a real estate office or newspaper (for its local rates feature), but it's still a good idea to quote it.

First published on BankersOnline.com 5/26/08

First published on 05/26/2008

Filed under: 
Compliance
Filed under compliance as: 
Estate
IT

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