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Late Notice Requirements
Answer by Jim Bedsole and Andy Zavoina, BOL Gurus
Guru Bio

Question:  What are the requirements for sending late notices? Specifically, does each signer on the loan need to receive a late notice even if he has the same address?


Answer from Jim:  This is typically a state law issue.

Answer from Andy:  There is no federal requirement to send a late notice. It is often the most economical first step in the collections process which is one reason it is so popular.

First published on BankersOnline.com 1/25/10









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