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#1007417 - 07/29/08 07:13 PM Reg B and Purchased Loans
Norrie Offline
Joined: Feb 2008
Posts: 67
Is it correct that if a creditor purchases auto loans from a car dealer, the creditor would be bound to comply with Reg B as long as it owns the loans?

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#1007670 - 07/29/08 10:59 PM Re: Reg B and Purchased Loans Norrie
rlcarey Online
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Joined: Jul 2001
Posts: 82,124
Galveston, TX
The opinions expressed here should not be construed to be those of my employer:

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#1009545 - 08/01/08 01:24 AM Re: Reg B and Purchased Loans rlcarey
Andy_Z Offline
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Joined: Oct 2000
Posts: 27,715
On the Net
When you buy loans, you buy the good and the bad. But also, the way this was worded sounds like Reg B compliance stops when the loan is made. There are ways to discriminate on existing accounts so the better answer may be yes you have some liability based on the dealers actions, and yes Reg B applies to the way you service the account today and tomorrow.
My opinions are not necessarily my employers.
Rules and Regs minus Relationships equals Resentment and Rebellion. John Maxwell

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